EUR/USD Price Analysis: Rally has further legs to go

• EUR/USD advances to new highs in the 1.1475/80 band.
• Bulls now face the 100-day SMA near 1.1510.

EUR/USD gains further ground and briefly visited the 1.1480 region on Thursday, up for the third session in a row and recording new 2-month highs.

Further upside now looks likely considering the recent price action, with the next target at the 100-day SMA at 1.1508 ahead of the more relevant hurdle at the 200-week SMA at 1.1516. If the buying interest picks up extra impulse from here, then a move to October’s high at 1.1692 should start shaping up sooner rather than later.

The longer term negative outlook for EUR/USD is seen unchanged while below the key 200-day SMA at 1.1733.

EUR/USD daily chart