EUR/USD Price Analysis: A move to 1.1640 is not ruled out

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  • EUR/USD adds to recent gains and surpasses 1.1600.
  • Further up is located the monthly high at 1.1640.

EUR/USD advances for the second straight session and leaves behind the key 1.1600 barrier on Thursday.

Further recovery is expected to meet the interim hurdle at the 20-day SMA at 1.1631 ahead of the monthly peak at 1.1640 (October 4). The break above this area should meet the next target at the 55-day SMA, today at 1.1732 followed by the late-September tops in the mid-1.1700s.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side below the key 200-day SMA, today at 1.1932.

EUR/USD daily chart