EUR/USD Price Analysis: Initial up barrier remains at 1.1186

• EUR/USD’s rally runout of steam in the vicinity of 1.1190 on Tuesday.
• Further up aligns 1.1186 ahead of December’s top near 1.1240.

The steep ascent in EUR/USD visited the Fibo retracement at 1.1186 earlier in the day, although it lost some vigour soon afterwards.

If the pair manages to leave behind this area of resistance, in the near-term ideally, then the focus of attention should shift to 1.1200 ahead of the December’s 2019 peak at 1.1239.

While further gains are likely above the 200-day SMA, today at 1.1010, the proximity of overbought levels, as gauged by the RSI, carries the potential to spark a corrective downside.

EUR/USD daily chart