EUR/USD Price Analysis: Next target at the 1.1990/1.2000 zone

• EUR/USD manages to rebound to the 1.1950 region.
• Further up is located the 200-day SMA and the 1.2000 mark.

EUR/USD pushes higher and already regained the mid-1.1900s on Wednesday. Recent price action allowed the pair to put further distance from previous oversold levels (as per the daily RSI).

If the recovery gathers extra steam, then there is room for spot to challenge the 200-day SMA, today at 1.1993 ahead of the psychological 1.2000 hurdle. There is, however, a minor hurdle at a Fibo level at 1.1976.

The outlook for EUR/USD should shift to negative on a sustainable breakdown of the key 200-day SMA. Next weeks are expected to be crucial regarding this issue. 

EUR/USD daily chart