EUR/USD Price Analysis: Strong rebound now targets 1.2243
- EUR/USD finally breaks above the 1.2200 mark.
- The continuation of the upside now targets 1.2243.
EUR/USD extends the rebound from last week’s lows in the 1.2050 region to the area above 1.2200 the figure.
The ongoing context allows for the continuation of the uptrend, at least in the very near-term, with the next hurdle at the February’s high at 1.2243. A surpass of the latter should open the door to a probable visit to the YTD peaks in the mid-1.2300s (January 6).
The constructive stance on EUR/USD is forecast to remain intact as long as it trades above the 200-day SMA, today at 1.1955.
Of note, however, is that the daily RSI still did not confirm the recent highs, which could be indicative of a bearish divergence and therefore a prelude to a corrective move in the short-term.