EUR/USD Price Analysis: Selling pressure alleviated above 1.1430

• EUR/USD erodes part of Friday’s advance to the proximity of 1.1390.
• Further north from that level comes the 1.1430 zone.

EUR/USD comes under selling pressure at the beginning of the year following new December’s top near 1.1390 recorded in the last session of the 2020.

There is a temporary hurdle signalled by the 55-day SMA, today at 1.1398, ahead of the 4-month resistance line around 1.1430. The surpass of the latter is expected to mitigate the downside bias and allow for extra gains in the short-term horizon.

The broader negative outlook for EUR/USD is seen unchanged while below the key 200-day SMA at 1.1751.

EUR/USD daily chart