The weekly upside in EUR/USD run out of steam in the 1.1970 area on Wednesday. If the recovery gathers extra steam, then there is room for a spot to challenge the 200-day SMA, today at 1.1993 ahead of the psychological 1.2000 hurdle. There is, however, a minor hurdle at 1.1976 (which has been tested on Wednesday).

The outlook for EUR/USD should shift to negative on a sustainable breakdown of the key 200-day SMA. Next weeks are expected to be crucial regarding this issue.