EUR/USD Price Analysis: Rally now sees a potential move to 1.20

• EUR/USD stays bid and briefly surpassed 1.19 earlier on Friday.
• Further gains now target the critical barrier at 1.20 the figure.

EUR/USD recorded new +2-year highs just above the 1.1900 mark at the end of the week, extending the move further into the overbought territory, as per the daily RSI.

The pair looks firmer and there is now room for a more convincing breakout of the 1.19 neighbourhood ahead of the psychological yardstick at 1.2000.

Looking at the broader picture, as long as the 200-day SMA, today at 1.1086, holds the downside, further gains in EUR/USD remains well on the table.

EUR/USD daily chart