EUR/USD Price Analysis: A breach of 1.1170 is not ruled out

• EUR/USD extends the side-lined fashion above 1.1200 on Wednesday.
• Focus seems to have shifted to the downside and to 1.1170/65.

EUR/USD has come under further selling pressure on Wednesday, although it has so far managed well to keep business above 1.12 the figure.

The inability to regain the area of recent tops in the mid-1.1300s carries the potential to spark a leg lower to, initially, the 1.1170/65 band.

On the broader picture, and as long as the 200-day SMA at 1.1035 holds the downside, further gains in the pair remain on the table.

EUR/USD daily chart