EUR/USD Price Analysis: Further upside now targets 1.1965

• EUR/USD reaches the key hurdle around 1.1920 and loses impulse afterwards.
• A surpass of this area could pave the way to a visit to 1.1965.

EUR/USD stays under pressure after being rejected from monthly peaks around 1.1920 on Monday, area coincident with the mid-September peaks (1.1917).

Despite the subsequent correction lower, a move further north of this hurdle is expected to target the August highs at 1.1965. However, a breach of the 55-day SMA (1.1781) should re-focus the attention on the downside and thus on a potential drop to, initially, the 1.1700 neighbourhood.

Looking at the broader scenario, extra gains in EUR/USD are likely while above the critical 200-day SMA, today at 1.1339.

EUR/USD daily chart