EUR/USD Price Analysis: The target is now at the 200-day SMA at 1.1080

• EUR/USD’s recovery stalled just ahead of the 1.1080 region.
• A break above this area is needed to allow for extra gains.

EUR/USD is seeing some correction after failing to extend the multi-session rally further north of the 1.1085/90 band earlier in the session.

Against this backdrop, the next target remains at the 200-day SMA, today at 1.1081.

A breakout of this area on a sustainable basis should reinforce the constructive outlook and pave the way for a move higher. That said, the next hurdle emerges at the Fibo retracement at 1.1186 ahead of December’s 2019 high at 1.1239.

EUR/USD daily chart