EUR/USD Price Analysis: Immediate target comes at 1.1870

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  • EUR/USD leaves behind recent weakness and retakes 1.1830.
  • Further upside targets the 1.1870 area in the near term.

EUR/USD reverses Tuesday’s losses and advances to the 1.1830 region on Wednesday, all framed within the multi-session rangebound theme.

There is a minor resistance around weekly highs near 1.1850 ahead of the 1.1870 zone, where sits the short-term resistance line. Above this area, gains are expected to accelerate to the Fibo level at 1.1889 ahead of another visit to monthly tops above 1.19 de figure.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.1992.

EUR/USD daily chart