EUR/USD Price Analysis: Still under pressure below 1.1390

• EUR/USD manages to bounce off recent lows near 1.1280.
• Immediate target comes at the 1.1390 area.

EUR/USD stages a moderate rebound following the pullback to the 1.1280 at the beginning of the week.

Further upside in the pair is expected to revisit the 5-month line in the 1.1390 area. The surpass of this level should alleviate downside pressure and refocus instead on the upside. In such scenario, the next magnet for bulls emerges at the 2022 peak at 1.1494 (February 10).

In the longer run, EUR/USD is expected to keep the negative outlook as long as it trades below the key 200-day SMA, today at 1.1652.

EUR/USD daily chart