EUR/USD Price Analysis: Downside pressure alleviated above 1.1970

• EUR/USD adds to Friday’s gains and approaches 1.1900.
• A surpass of the 1.1970 area should allow for extra gains.

EUR/USD extends the recovery following Friday’s pullback to the proximity of the 1.1800 mark.

The continuation of the recovery faces interim hurdles at the Fibo level at 1.1887 ahead of the 10-day SMA, today at 1.1898. Further north comes in the weekly highs in the 1.1970/80 band.

Above the latter, the selling pressure is forecast to ease somewhat and allow for a move to the key 200-day SMA just shy of the psychological 1.20 the figure.

The near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.1997.

EUR/USD daily chart