EUR/USD Price Analysis: Upside momentum could see 1.1121 revisited

• EUR/USD remains bid and advances for the third straight day.
• Extra gains keep targeting the weekly peak at 1.1121.

EUR/USD extends the weekly rebound further north of the key barrier at 1.1000 on Wednesday.

In case bulls push harder, then the pair could extend the recovery to the weekly top at 1.1121 (March 10) ahead of the interim hurdle at the 55-day SMA at 1.1255. The selling pressure is seen alleviated once the pair clears the 6-month resistance line, today near 1.1280.

The negative outlook for EUR/USD is expected to remain unchanged while below the key 200-day SMA, today at 1.1541.

EUR/USD daily chart