• EUR/USD picks up some traction and revisits 1.0890.
• The multi-week lows near 1.0850 hold the downside so far.

Following a test of the mid-1.0800s – an area coincident with the 55-day SMA – EUR/USD manages to pick up pace and revisit 1.0890.

Immediately to the upside now comes the psychological 1.1000 hurdle. A sustainable breakout of this hurdle exposes a probable test of the 2023 peak at 1.1095 (April 26) just before the round level at 1.1100.

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0454.

EUR/USD daily chart