EUR/USD Price Analysis: Extra gains on the cards above 1.1380/90

• EUR/USD meets initial resistance in the 1.1375/80 band.
• Further upside looks likely if this area is surpassed.

Following Tuesday’s strong uptick, EUR/USD’s upside momentum has run out vigour in the vicinity of 1.1390 on Wednesday.

If the pair manages to regain strength it should face the initial target in the 1.1390 region, where recent tops and the 4m resistance line converge. Above this area, the selling pressure should subside and sponsor extra gains to 1.1400 and beyond in the not-so-distant future.

The broader negative outlook for EUR/USD is seen unchanged while below the key 200-day SMA at 1.1735.

EUR/USD daily chart