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

• EUR/USD advances further north and flirts with 1.0700.
• Further up now aligns the 55-day SMA at 1.0788.

EUR/USD pushes higher and prints new May peaks just ahead of the 1.0700 mark on Monday.

Considering the pair’s ongoing price action, the continuation of the rebound appears likely in the very near term at least. That said, the next up barrier now appears at the 55-day SMA, today at 1.0788 before the 3-month resistance line around 1.0860.

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).

EUR/USD daily chart