EUR/USD Price Analysis: Downside alleviated above 1.0804

• EUR/USD rebounds from fresh monthly lows near 1.0530.
• The next target of note emerges at the weekly high beyond 1.0800.

EUR/USD manages to regain some traction and leaves behind multi-week lows in the 1.0535/30 band at the beginning of the week.

There is a temporary up barrier at the 55-day SMA at 1.0715 ahead of the weekly peak at 1.0804 (February 14). A convincing move above the latter could mitigate the selling pressure in the near term.

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0328.

EUR/USD daily chart