EUR/USD Price Analysis: Scope for further upside near term

• EUR/USD comes under pressure following a move to 1.0970.
• Next on the upside appears the 2023 high at 1.1032.

EUR/USD faces some selling pressure after another test of the multi-week tops near 1.0970 on Wednesday.

The likelihood of extra advances appears favoured for the time being. Against that, the pair needs to clear the April high at 1.0973 (April 4) to challenge the YTD peak at 1.1032 (February 2).

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0346.

EUR/USD daily chart