EUR/USD Price Analysis: Next target emerges at 1.1239

• EUR/USD briefly surpassed the 1.1200 mark on Tuesday.
• Above the 55-day SMA, there is room for a test of 1.1239.

EUR/USD moved beyond 1.12 the figure in response to the surprising interest rate cut by the Federal Reserve on Tuesday. The move, however, lacked follow through and sparked the ongoing knee-jerk to the 1.1140 region.

There is still room for the continuation of the rally as long as the pair navigates above the key 55-day SMA, today at 1.1037.

That said, the next target of relevance should emerge at the December top at 1.1239.

EUR/USD daily chart