• EUR/USD extends the corrective climb to 1.1445/50.
• The 5-month support line holds the downside near 1.1400.

EUR/USD moves further north and reaches the mid-1.1400s ahead of the key US CPI release on Thursday.

In the meantime, further gains in the pair remains on the table while above the 5-month line, today around 1.1400. Beyond this area, EUR/USD should be able to attempt another visit to the 2022 high at 1.1483 (February 4) just ahead of the 200-week SMA, today at 1.1496. Between 1.1500 and 1.1600 there are no resistance levels of note, leaving the October 2021 top at 1.1692 as the potential longer-term target.

In the longer run, the negative outlook remains in place while below the key 200-day SMA at 1.1664.

EUR/USD daily chart