EUR/USD Price Analysis: Extra gains likely above 1.1000

• EUR/USD has briefly tested the key 1.0990 hurdle on Wednesday.
• Further north now emerges the psychological yardstick at 1.1000.

The upside momentum in EUR/USD has faltered just ahead of the key resistance area around 1.0990 earlier on Wednesday, sparking the ongoing correction lower soon afterwards.

A close above the 1.0990/1.1000 area should open the door for extra gains, with the immediate target at the 200-day SMA, today at 1.1056.

Above the 200-day SMA the selling pressure is expected to subside and could allow for a visit to recent tops near 1.1150.

EUR/USD daily chart