EUR/USD Price Analysis: Selling pressure alleviated above 0.9960

• EUR/USD reclaims part of the ground lost on Wednesday’s decline.
• The 8-month resistance line caps the upside near 0.9960.

EUR/USD regains some composure and trades close to the 0.9800 neighbourhood on Thursday.

In case of the continuation of the rebound, the pair faces an interim hurdle at the 55-day SMA, today 0.9941, ahead of the more relevant 8-month resistance line around 0.9960. The surpass of the latter is needed to mitigate the downside pressure and spark a more lasting/serious recovery to, initially, the October peak at 0.9999 (October 4).

In the longer run, the pair’s bearish view should remain unaltered while below the 200-day SMA at 1.0544.

EUR/USD daily chart