EUR/USD Price Analysis: Further weakness is not ruled out

• EUR/USD keeps hovering around the 1.0900 region on Wednesday.
• Immediately to the downside emerges the 1.0830 contention zone.

EUR/USD maintains the choppiness well in place around the 1.0900 yardstick on midweek.

Price action around the pair looks vacillating for the time being. Against that, spot needs to clear the June peak at 1.1012 (June 22), ideally in the near term, to allow for the resumption of the uptrend and a potential challenge of the 2023 top just below 1.1100 (April 26).

However, failing to do so, could spark the resurgence of the selling pressure, which could open the door to another visit to the weekly low at 1.0835 (June 30) prior to the transitory 100-day SMA, today at 1.0823.

Looking at the longer run, the positive view remains unchanged while above the 200-day SMA, today at 1.0608.

EUR/USD daily chart