• EUR/USD clocked fresh tops beyond 1.1480 at the end of the week.
• Next on the upside comes the 100-day SMA just past 1.1500.

EUR/USD managed to clinch fresh tops in the 1.1480/85 band during early trade, although it gave away those gains afterwards on Friday.

Further upside now looks likely considering the recent price action, with the next target at the 100-day SMA at 1.1505 ahead of the more relevant hurdle at the 200-week SMA at 1.1516. If the buying interest picks up extra impulse from here, then a move to October’s high at 1.1692 should start shaping up sooner rather than later.

The longer term negative outlook for EUR/USD is seen unchanged while below the key 200-day SMA at 1.1731.

EUR/USD daily chart