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EUR/USD Price Analysis: Further upside targets 1.2180

FX Street
Updated:
  • EUR/USD adds to recent gains beyond 1.2100 the figure.
  • Extra gains could see the monthly tops around 1.2180 retested.

EUR/USD extends the rebound from weekly lows in the 1.2050 region to levels past the 1.2100 level on Friday.

The ongoing context allows for the continuation of the uptrend, at least in the very near-term, with the next hurdle at the so far monthly tops in the 1.2180/85 band (May 11). Above this level, the February’s high at 1.2243 emerges as the immediate resistance for EUR-bulls.

The constructive stance on EUR/USD is forecast to remain intact as long as it trades above the 200-day SMA, today at 1.1951.

EUR/USD daily chart

 

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