Short-Term Outlook: Potential Upside Correction in EUR/USD

Stephen_Anders Updated   
OANDA:EURUSD   Euro / U.S. Dollar
Overall, EUR/USD is currently reflecting a downward trend due to the strong growth pressure of the US dollar (USD). This pressure has pushed prices down near the 1.0620 level in the early Asian trading session on Wednesday.

However, technical analysis suggests that the market may experience a short-term upward correction. The possibility of prices rising to touch the SMA 50 area and approaching the 0.5 - 0.618 Fib zone indicates support for short-term price declines against the strong pressure of the US dollar (USD).
EUR/USD has surged towards the SMA 20

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