EUR/USD Price Analysis: Initial hurdle comes at 1.1250

EUR/USD now gives away some gains following new tops near 1.1250.
A technical correction seems to be shaping up.

Pablo Piovano FXStreet

EUR/USD comes under pressure and puts the 1.1200 region to the test on Monday.

While the continuation of the upside momentum appears favoured in the very near term, the pair’s current overbought conditions might spark a corrective knee-jerk. Further north of the 2023 top at 1.1248 (July 17), the pair is expected to meet the next resistance level of note at the 2022 high of 1.1495 recorded on February 10.

Looking at the longer run, the positive view remains unchanged while above the 200-day SMA, today at 1.0658.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1222
Today Daily Change	45
Today Daily Change %	-0.04
Today daily open	1.1227

Trends
Daily SMA20	1.0966
Daily SMA50	1.087
Daily SMA100	1.0854
Daily SMA200	1.0653

Levels
Previous Daily High	1.1245
Previous Daily Low	1.1204
Previous Weekly High	1.1245
Previous Weekly Low	1.0944
Previous Monthly High	1.1012
Previous Monthly Low	1.0662
Daily Fibonacci 38.2%	1.1229
Daily Fibonacci 61.8%	1.122
Daily Pivot Point S1	1.1206
Daily Pivot Point S2	1.1185
Daily Pivot Point S3	1.1165
Daily Pivot Point R1	1.1247
Daily Pivot Point R2	1.1266
Daily Pivot Point R3	1.1287

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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