EUR/USD Price Analysis: Next on the upside comes the 55-day SMA

• EUR/USD keeps the bid bias unchanged above 1.1600.
• The  55-day SMA at 1.1715 comes next on the upside.

EUR/USD manages well to leave behind the initial pessimism and regains the upper hand near 1.1650 on Wednesday.

That said, the pair could now attempt to take out the round level at 1.1700 the figure ahead of the interim hurdle at the 55-day SMA, today at 1.1715. 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 1.1921.

EUR/USD daily chart