EUR/USD Price Analysis: Next on the upside aligns 1.1800

• EUR/USD rises to new 3-day highs near 1.1740.
• The recovery faces the next up barrier around 1.1800.

EUR/USD extends Friday’s bounce off new 2021 lows near 1.1660 to the 1.1700 mark and above at the beginning of the week.

Recent oversold conditions of EUR/USD plus strong gains in the dollar prompted a corrective move which now faces the next resistance of note in the 1.1800 neighbourhood.

Above 1.1800, the selling pressure could lose some traction and allow spot to climb further to 1.1900, where it is expected to struggle.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.2003.

EUR/USD daily chart