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  • EUR/USD breaks above the multi-session consolidation.
  • Next on the upside emerges the 1.2300 hurdle.

EUR/USD advances to new monthly peaks in the 1.2260/65 band on turnaround Tuesday.

The buying bias remains well and sound for the time being and allows for the uptrend to attempt an assault to the 1.2300 hurdle in the short-term horizon. Further north, another visit to the YTD peaks in the 1.2350 area (January 6) should not be ruled out.

Extra gains remain supported by the short-term support line (off March lows) around 1.2150. On the broader view, the constructive stance on EUR/USD is forecast to remain intact as long as it trades above the 200-day SMA, today at 1.1966.

Of note, however, is that the daily RSI did not confirm the recent peaks, which could be indicative that a corrective downside is in the offing in the short-term.

EUR/USD daily chart