EUR/USD Price Analysis: More Strength Needed to Break Above 1.0926

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  • The EUR/USD pair comes under some selling pressure on Wednesday.
  • The pair could accelerate to the upside to break the yearly high at 1.0926.

EUR/USD seems to have found some initial resistance in the area just above 1.0900 on Wednesday.

The continuation of the uptrend now needs a quick break of the 2023 high at 1.0926 (Jan 23) to allow for a test of the weekly high at 1.0936 (April 21, 2022). A sustainable break above this level could pave the way for a challenge to the key barrier at 1.1000 in the not too distant future.

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Meanwhile, if it continues above the near-term support line near 1.0660, the pair should continue to target further gains.

Longer-term, constructive view remains unchanged as long as it stays above the 200 SMA at 1.0308 today.

EUR/USD day chart

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Source: Fx Street

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