EUR/USD Price Analysis: The 1.1900 area keeps capping the upside

• EUR/USD extends further the rejection from the 1.19 zone on Thursday.
• Above 1.19 the pair targets the monthly peak at 1.1920 (November 9).

EUR/USD adds to Wednesday’s losses although the low-1.1800s emerges as a decent contention area for the time being.

If the selling bias picks up extra pace there is scope for the pair to recede, initially, to last week’s lows around 1.1750 ahead of the next support area in the 1.1700 neighbourhood. On the opposite side, once 1.1900 is cleared then the focus of attention is expected to gyrate to the monthly top at 1.1920 (November 9).

Looking at the broader scenario, extra gains in EUR/USD are likely while above the critical 200-day SMA, today at 1.1371.

EUR/USD daily chart