EUR/USD Price Analysis: Upside limited by the 5-month line

• EUR/USD adds to Tuesday’s advance near 1.1360.
• Further upside needs to clear the 1.1360 region.

EUR/USD extends the weekly rebound and revisits the 1.1360 zone on Wednesday.

Extra gains in the pair needs to surpass the 5-month line around 1.1360 to mitigate downside pressure and allow for a probable test of the weekly high at 1.1395 (February 14). Further up is seen the 200-week SMA at 1.1487 closely followed by the 2022 peak at 1.1494 (February 10).

In the longer run, EUR/USD is expected to keep the negative outlook as long as it trades below the key 200-day SMA, today at 1.1628.

EUR/USD daily chart