EUR/USD Price Analysis: Extra gains seen testing 1.2400 and beyond

EUR/USD regains the 1.23 level amidst solid risk-on trade.
Further up come in monthly peaks at 1.2413 and 1.2476.

Pablo Piovano FXStreet

EUR/USD resumes the upside and reverses last Thursday’s strong pullback following the rejection from yearly tops beyond 1.23 the figure.

The positive stance in EUR/USD, therefore, remains well unchanged and allows for the continuation of the uptrend in the short-term horizon. However, the proximity of the overbought territory carries the potential to spark occasional corrections. These are expected to meet initial support at the weekly low at 1.2129 (December 21).

In the meantime, a breakout of recent tops just above 1.2300 should pave the way for extra gains and a potential move to 1.2413 (April 2018 high) ahead of 1.2476 (March 2018 high).

In the meantime, extra gains in EUR/USD are likely while above the critical 200-day SMA, today at 1.1539.

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 uptrend.

EUR/USD monthly chart

EUR/USD

Overview
Today last price	1.2299
Today Daily Change	73
Today Daily Change %	0.68
Today daily open	1.2216

Trends
Daily SMA20	1.2185
Daily SMA50	1.1988
Daily SMA100	1.1893
Daily SMA200	1.1546

Levels
Previous Daily High	1.2228
Previous Daily Low	1.2214
Previous Weekly High	1.231
Previous Weekly Low	1.2181
Previous Monthly High	1.231
Previous Monthly Low	1.1924
Daily Fibonacci 38.2%	1.2223
Daily Fibonacci 61.8%	1.222
Daily Pivot Point S1	1.2211
Daily Pivot Point S2	1.2206
Daily Pivot Point S3	1.2198
Daily Pivot Point R1	1.2225
Daily Pivot Point R2	1.2233
Daily Pivot Point R3	1.2239

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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