EUR/USD Price Analysis: Next hurdle emerges at 1.2180/90

• EUR/USD adds to recent gains well above of 1.2100.
• Extra gains could see the monthly tops around 1.2180/90 retested.

EUR/USD extends the rebound from last week’s lows in the 1.2050 region to levels close to 1.2170 at the beginning of the week.

The ongoing context allows for the continuation of the uptrend, at least in the very near-term, with the next hurdle at the so far monthly tops in the 1.2180/90 band (May 11). Above this level, the February’s high at 1.2243 emerges as the immediate resistance for EUR-bulls.

The constructive stance on EUR/USD is forecast to remain intact as long as it trades above the 200-day SMA, today at 1.1953.

EUR/USD daily chart