EUR/USD Price Analysis: Further gains target the 55-day SMA

• EUR/USD reverses the initial pullback and regains 1.0700 and above.
• Immediately to the upside now comes the 55-day SMA at 1.0774.

EUR/USD regains part of the ground lost on Wednesday and manages to reclaim the area above 1.0700 the figure on Thursday.

Considering the pair’s current price action, the continuation of the rebound looks likely in the very near term at least. That said, the next up barrier now appears at the 55-day SMA, today at 1.0774 prior to the 3-month resistance line near 1.0820.

The breakout of this area should mitigate the selling pressure and allow for a probable move to the weekly high at 1.0936 (April 21).

The daily RSI around 55 also indicates that extra upside could still be in store for the pair until it reaches the overbought territory (>70).

EUR/USD daily chart