EUR/USD Price Analysis: Downside pressure alleviated above 1.1250
|- EUR/USD drifts lower following new tops around 1.1180.
- The 8-month resistance line emerges as the next hurdle of note.
EUR/USD corrects lower after reaching new 4-week tops in the 1.1180/85 band on Thursday.
That said, immediately to the upside comes the temporary resistance at the 55-day SMA, today at 1.1198 ahead of the 1.1250 region, where the 100-day SMA and the 8-month line coincide. Beyond this area, the selling bias is expected to subside and allow for extra gains in the short-term horizon.
The medium-term negative outlook for EUR/USD is expected to remain unchanged while below the key 200-day SMA, today at 1.1488.
EUR/USD daily chart
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