– EUR/USD comes under pressure after hitting new monthly highs.
– Extra gains are expected to revisit the August top at 1.1064.
EUR/USD gave up some of the earlier advance to a monthly top near 1.1020 and returned to sub-1.1000 territory on Wednesday.
A continuation of the upside bias is in store for now and looks to challenge the August peak of 1.1064 (August 10) on the short-term horizon. Once this level is cleared, the spot could begin a possible trip to the weekly high of 1.1149 (July 27).
So far, while above the significant 200-day SMA, today at 1.0814, the pair’s outlook should remain constructive.
EUR/USD daily chart
EUR/USD
