- EUR/USD extends corrective rally to 1.1445/50.
- Five-month support line holds weakness near 1.1400.
EUR/USD moves further north reaching 1.1450 ahead of the US inflation data release on Thursday.
Meanwhile, further gains in the pair remain on the table as they are 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 (Feb 4) just before the 200-week SMA today at 1.1496. Between 1.1500 and 1.1600 there are no significant resistance levels, leaving the October 2021 high at 1.1692 as a potential long-term target.
Longer term, the negative outlook remains in place as long as EUR/USD remains below the key 200-day SMA at 1.1664.
EUR/USD day chart
Source: Fx Street
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