• EUR/USD rose sharply and pokes with the key 1.0700 hurdle.
• The surpass of 1.0804 opens the door to extra advances.

EUR/USD strongly reverses Tuesday’s decline and trades at shouting distance from the 1.0700 barrier on Wednesday.

There is a temporary up barrier at the 55-day SMA at 1.0715 prior to the weekly high at 1.0804 (February 14). A convincing move above the latter could open the door to extra gains in the short-term horizon with the immediate target at the 2023 peak at 1.1032 (February 2).

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0328.

EUR/USD daily chart