EUR/USD Price Analysis: Rally is now focused on 1.1240

EUR/USD has reclaimed the 1.1200 mark earlier on Wednesday.
Further up comes 1.1240, December 2019 highs.

The steep move-up in EUR/USD regained the 1.1200 mark and managed to advance to fresh monthly peaks near 1.1230.

A sustainable break above the 1.1200 level should shift the focus of attention to the December’s 2019 peak at 1.1239.

While further gains are likely above the 200-day SMA, today at 1.1010, the proximity of overbought levels, as gauged by the RSI, carries the potential to spark a corrective downside.

EUR/USD daily chart

Jun 3, 2020

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