• EUR/USD now gives away some gains following new tops near 1.1250.
• A technical correction seems to be shaping up.

EUR/USD comes under pressure and puts the 1.1200 region to the test on Monday.

While the continuation of the upside momentum appears favoured in the very near term, the pair’s current overbought conditions might spark a corrective knee-jerk. Further north of the 2023 top at 1.1248 (July 17), the pair is expected to meet the next resistance level of note at the 2022 high of 1.1495 recorded on February 10.

Looking at the longer run, the positive view remains unchanged while above the 200-day SMA, today at 1.0658.

EUR/USD daily chart