EUR/USD Price Analysis: Upside still capped by 1.2190

• EUR/USD extends the rebound to the mid-1.2100s.
• Immediately above emerges the 1.2170 region as the next target.

EUR/USD manages to regain the 1.2100 mark and above on Thursday. The move meets initial hurdle at the 55-day SMA near 1.2150.

Further up aligns a minor resistance near 1.2170, where converges a Fibo level and weekly tops. A breakout of this area could lead to a probable visit to the weekly highs near 1.2190 (January 22). The selling pressure is expected to subside above the latter, allowing for a probable test of the YTD highs in the 1.2350 zone.

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1750.

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 current trend in the longer run.

EUR/USD daily chart