EUR/USD Price Analysis: Immediately to the upside comes 1.1300

• EUR/USD pushes higher and retests the 1.1280 area.
• The 55-day SMA around 1.1300 emerges as the next hurdle.

EUR/USD is up for the third session in a row and approaches the key barrier at the 1.1300 region on Tuesday.

The ongoing strength is deemed as corrective only. However, further recovery could attempt a test of the round level at 1.1300, where the 55-day SMA also converges. Above the latter is located the 4-month resistance line near 1.1320, above which the selling pressure is expected to lose some traction.

In the longer run, the negative outlook is seen unchanged below the key 200-day SMA at 1.1687.

EUR/USD daily chart