- EUR/USD keeps the side-lined theme unchanged so far.
- Above 1.2190 the downside pressure is expected to alleviate.
EUR/USD remains consolidative for yet another session on Monday.
Late January peaks near 1.2200 keep limiting the upside, while the YTD lows in the mid-1.1900s act as a decent contention area for the time being.
A move above weekly highs near 1.2190 (January 22) should mitigate the selling pressure somewhat and could open the door to a probable visit to the YTD highs in the 1.2350 zone.
On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1725.
Looking at the monthly chart, the (solid) breakout of the 2008-2020 line is a big bullish event and should underpin the continuation of the current trend in the longer run.
EUR/USD daily chart
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