EUR/USD Price Analysis: Downside pressure alleviated above 1.1740

• EUR/USD advances for the second session in a row above 1.1600.
• The 1.1700 level and the 55-day SMA at 1.1719 come next.

EUR/USD accelerates gains to the 1.1670 region on Tuesday, opening the door at the same time for the continuation of the move higher.

That said, and after surpassing the previous top at 1.1624 (October 14), the pair could now attempt to retake the round level at 1.1700 the figure ahead of the interim hurdle at the 100-day SMA, today at 1.1719. Further north comes the short-term resistance line around 1.1740. A breakout of the latter should see the selling pressure mitigated and therefore allow for extra gains to the next relevant resistance in the mid-1.1700s.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side below the key 200-day SMA, today at 1.1924.

EUR/USD daily chart