EUR/USD Price Analysis: Potential correction ahead of extra gains?

• EUR/USD advances to new highs in the 1.1240/45 band.
• The next up-barrier emerges not before 1.1495.

EUR/USD’s intense upside seems to have met an initial barrier around 1.1240, or 2023 peaks, so far on Friday.

While the continuation of the upside momentum appears favoured in the very near term, the pair’s current overbought conditions might spark a corrective knee-jerk. Further upside is then expected to meet the next resistance level of note at the 2022 high of 1.1495 recorded on February 10.

Looking at the longer run, the positive view remains unchanged while above the 200-day SMA, today at 1.0651.

EUR/USD daily chart