EUR/USD Price Analysis: Corrective pullback could test 1.1239

• EUR/USD’s rally falters just ahead of the 1.1500 mark on Monday.
• The ongoing correction lower could extend to the 1.1240 region.

EUR/USD has come under renewed downside pressure following Monday’s strong advance to the boundaries of the 1.1500 barrier.

The pair’s corrective drop has so far managed well to keep the area above the 1.1300 mark. Further south, the December high at 1.1239 should hold the downside.

Looking at the broader picture, the outlook on the spot stays bullish while above the 200-day SMA, today at 1.1101.

EUR/USD daily chart