EUR/USD Price Analysis: The 2020 high now looks closer

• EUR/USD corrects lower after recent tops around 1.1450.
• A test of the YTD peak just below 1.15 stays on the cards.

After recording new 4-month tops around 1.1450 on Wednesday, EUR/USD is now shedding some ground and slips back below the 1.14 mark.

The ongoing downside is seen as corrective only, leaving the probability of a visit to yearly tops near 1.15 well on the table in the short-term horizon.

Furthermore, as long as the 200-day SMA, today at 1.1055, holds the downside, further gains in EUR/USD are likely.

EUR/USD daily chart