EUR/USD Price Analysis: Further upside could retest 1.1100 and above

• EUR/USD gathers extra pace and surpasses the 1.1000 hurdle.
• Immediately to the upside aligns the weekly high at 1.1121.

EUR/USD adds to Monday’s advance and retakes the psychological barrier at 1.1000 the figure.

In case bulls remain in control, then EUR/USD could extend the rebound to the weekly top at 1.1121 (March 10) ahead of the temporary hurdle at the 20-day SMA at 1.1127. The selling pressure is seen alleviated once the pair clears the 6-month resistance line, today just below 1.1300.

The negative outlook for EUR/USD is expected to remain unchanged while below the key 200-day SMA, today at 1.1547.

EUR/USD daily chart