EUR/USD Price Analysis: A more serious recovery targets 1.1137 and above

• EUR/USD made a U-turn and reversed the drop to 1.0960.
• The continuation of the upside targets the 1.1140 region.

EUR/USD reverses two consecutive daily pullbacks and manages to quickly leave behind daily lows in the 1.0960 region on Tuesday.

Further buying interest should meet the immediate barrier at the 20-day SMA at 1.1052, which is deemed as the last obstacle for a visit to the weekly peak at 1.1137 (March 17).

The longer run negative outlook for EUR/USD is expected to remain unchanged while below the key 200-day SMA, today at 1.1519.

EUR/USD daily chart