• EUR/USD comes under pressure after recent tops near 1.1500.
• The 5-month support line holds the downside around 1.1390.

EUR/USD reverses the recent strength and dropped to fresh lows around 1.1370, managing to rebound afterwards.

In the meantime, further gains in the pair remains on the table while above the 5-month line in the 1.1390 area. Above this zone, EUR/USD should be able to attempt another visit to the 2022 high at 1.1494 (February 4) just ahead of the 200-week SMA at 1.1496. Between 1.1500 and 1.1600 there are no resistance levels of note, leaving the October 2021 top at 1.1692 as a potential longer-term target.

In the longer run, the negative outlook remains in place while below the key 200-day SMA at 1.1660.

EUR/USD daily chart