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  • EUR/USD extends the upside momentum and approaches 1.19.
  • Further north aligns the August peak at 1.1965.

EUR/USD extends the rebound from last week’s lows and flirts with 2-day highs in the 1.1870/80 band.

Extra upside remains on the cards and initially targets the 1.19 mark ahead of the more relevant August’s top at 1.1965. If bulls remain in control, then another visit to the YTD highs beyond 1.20 should not be ruled out.

Looking at the broader scenario, the bullish view on EUR/USD, in the meantime, is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1205.

EUR/USD daily chart