EUR/USD Price Analysis: Extra gains seen above 1.1870

• EUR/USD adds to recent gains above the 1.1800 mark.
• Immediate resistance lines up at the 1.1870 area.

EUR/USD attempts a consolidative move above 1.1800 after bouncing off multi-week lows around 1.1770 recorded on Monday.

Further upside in the pair now faces an interim barrier at the 10-day SMA at 1.1837 ahead of the 1.1870 zone, where sits the short-term resistance line. Above this area gains could accelerate and attempt another visit to monthly tops above 1.19 de figure, leaving behind at the same time the Fibo level (of the June-August drop) at 1.1889.

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 1.1993.

EUR/USD daily chart