EUR/USD Price Analysis: Next on the upside lies 1.1624

• EUR/USD managed to briefly surpass the 1.16 mark on Wednesday.
• Attention now shifts to the October 2019 highs near 1.1620.

EUR/USD reached new highs in just beyond 1.16 the figure in past hours, paving the way for the continuation of the move up in the very short-term.

While overbought conditions might spark some correction lower in the near-term, the underlying bullish bias remains unchanged. That said, the next hurdle is now located at the October 2019 peaks in the 1.1620/25 band.

Looking at the broader picture, as long as the 200-day SMA, today at 1.1067, holds the downside, further gains in EUR/USD remains well on the table.

EUR/USD weekly chart