EUR/USD Price Analysis: Corrective downside sees a probable test of 1.1500

• EUR/USD leaves behind recent tops in the 1.1780 region.
• The 1.15 area now emerges as a potential next stop for bears.

EUR/USD recorded new 22-month peaks in the 1.1780 region on Monday, extending the move further into the overbought territory.

The ongoing technical retracement could re-test the June peak at 1.1495 ahead of the Fibo level at 1.1448. The underlying bullish bias, however, is expected to remain unchanged with potential target at the 1.1815/52 band, where converge the September/June 2018 highs.

Looking at the broader picture, as long as the 200-day SMA, today at 1.1076, holds the downside, further gains in EUR/USD remains well on the table.

EUR/USD weekly chart