EUR/USD Price Analysis: The 1.2000 level looms closer

• EUR/USD keeps the trade around the 1.19 zone.
• Further north comes in the psychological 1.20 hurdle.

EUR/USD met some resistance in the area of 2-week highs near 1.1930 (April 8), sparking the ongoing knee-jerk afterwards.

The rebound from YTD lows near 1.1700 appears to have further legs to go in the very near-term. A convincing breakout of the 200-day SMA (1.1885) should open the door to further gains with the next target at the 1.1980/90 region. In this area converge the mid-March peaks, the 50-day SMA and a Fibo level (of the November-January rally). A surpass of this area allows for a move to the key 1.2000 hurdle.

Above the 200-day SMA (1.1885) the stance for EUR/USD is expected to shift to positive.

EUR/USD daily chart