• EUR/USD resumes the upside around 1.1640 on Friday.
• Extra gains are likely if 1.1670 is cleared (in the near term).

Bulls retake the upper hand and encourage EUR/USD to regain the upside traction and the 1.1640 zone at the end of the week.

If this area if cleared – ideally in the very near term - then the pair could attempt to take out the round level at 1.1700 ahead of the interim hurdle at the 55-day SMA, today at 1.1709. Further north comes the short-term resistance line near 1.1730. A breakout of the latter should see the selling pressure mitigated and therefore allow for extra gains to the next relevant resistance in the mid-1.1700s.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side below the key 200-day SMA, today at 1.1916.

EUR/USD daily chart