EUR/USD Price Analysis: Gains remain capped near 1.2200
|- EUR/USD keeps the side-lined theme for yet another session.
- The vicinity of 1.2200 emerges as the next target of note.
EUR/USD adds to recent gains and faces usual hurdle at the key area around 1.2150. This zone of resistance is also reinforced by the 55-day SMA at 1.2146
Further up comes in recent tops around 1.2170 as well as a Fibo retracement (of the November-January rally) at 1.2173. If bulls keep pushing, then the weekly high at 1.2189 (January 22) should return to the radar. The selling pressure should alleviate above the latter, opening 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 1.1757.
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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