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.

Pablo Piovano FXStreet

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.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.2218
Today Daily Change	74
Today Daily Change %	0.54
Today daily open	1.2152

Trends
Daily SMA20	1.2084
Daily SMA50	1.1964
Daily SMA100	1.2044
Daily SMA200	1.1959

Levels
Previous Daily High	1.2169
Previous Daily Low	1.2126
Previous Weekly High	1.2182
Previous Weekly Low	1.2052
Previous Monthly High	1.215
Previous Monthly Low	1.1713
Daily Fibonacci 38.2%	1.2153
Daily Fibonacci 61.8%	1.2142
Daily Pivot Point S1	1.2129
Daily Pivot Point S2	1.2106
Daily Pivot Point S3	1.2087
Daily Pivot Point R1	1.2172
Daily Pivot Point R2	1.2192
Daily Pivot Point R3	1.2215

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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