EURUSD Price Analysis: Extra gains likely above the 200-day SMA

• EURUSD adds to Tuesday’s uptick and advances past 1.0400.
• A close above the 200-day SMA should spark further upside.

EURUSD’s upside momentum remains well in place and breaks above the 1.0400 hurdle once again on Wednesday .

The continuation of the recovery looks the most likely scenario in the very near term. If the pair leaves behind the 200-day SMA at 1.0422 on a sustainable fashion, it could then challenge the November high at 1.0481 (November 15).

Further up comes the round level at 1.0500 ahead of the weekly top at 1.0614 (June 27).

EURUSD daily chart