• EUR/USD comes under pressure and drops to 1.0650.
• There is still scope for extra upside in the near term.

EUR/USD trims part of its recent advance to the 1.0750 region and returns to the 1.0650 area on Wednesday.

Considering the pair’s current price action, the continuation of the rebound looks likely in the very near term at least. That said, the next up barrier now appears at the 55-day SMA, today at 1.0787 ahead of the 3-month resistance line around 1.0830.

The breakout of this area should mitigate the selling pressure and allow for a probable move to the weekly high at 1.0936 (April 21).

The daily RSI around 51 also indicates that extra upside could still be in store for the pair until it reaches the overbought territory (>70).

EUR/USD daily chart