EUR/USD comes under pressure after hitting new monthly highs

EUR/USD gives away part of the earlier advance to monthly tops near 1.1020 and returns to the sub-1.1000 region on Wednesday. The continuation of the upward bias appears in store for the time being and could see the pair challenging the August peak of 1.1064 (August 10) in the short-term horizon. Once this level is cleared, spot could embark on a probable visit to the weekly high of 1.1149 (July 27). So far, while above the significant 200-day SMA, today at 1.0814, the pair’s outlook should remain constructive.