EUR/USD Technical Analysis: Recent improvement now exposes the 200-day SMA

• EUR/USD has broken above the 1.11 handle on Wednesday.
• Further upside should see the 200-day SMA near 1.1160 retested soon.

EUR/USD has managed to advance to the 1.1115/20 band on Wednesday, although the upside momentum stalled afterwards and forced spot to close near 1.1080.

The positive view on the pair remains firm and therefore the next interim target emerges recent tops at 1.1116 ahead of the key 200-day SMA, today at 1.1158.

However, the inability of the pair to clear recent peaks in the very near term could prompt some consolidation ahead of a potential retracement to the 55-day SMA in the 1.1040 region, which remains a strong magnet for EUR-bears.