EUR/USD Price Analysis: Further gains likely above 1.0750

• EUR/USD adds to Tuesday’s small gains and flirts with 1.0750.
• Extra upside looks likely on a breakout of 1.0750.

EUR/USD’s recovery picks up extra pace and challenges the 1.0750 region on Wednesday.

If the rebound surpasses the 4-month resistance line near 1.0750, the downside pressure is expected to lose traction and allow for the continuation of the move to the may high at 1.0786 (May 30). Up from here comes the weekly high at 1.0936 (April 21), an area reinforced by the 100-day SMA.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.1215.

EUR/USD daily chart