EUR/USD Price Analysis: Rebound has further legs to go

• EUR/USD leaves behind the initial pessimism and retakes 1.1460.
• The YTD high at 1.1483 comes next on the upside.

The rebound in EUR/USD from last week’s YTD lows stays well and sound and now flirts with daily highs near 1.1470 on Monday.

The ongoing strength is now poised to extend further considering the recent price action. Against that, the YTD top at 1.1483 (February 4) emerges as the next target closely followed by the 200-week SMA at 1.1496. Between 1.1500 and 1.1600 there are no resistance levels of note, leaving the October 2021 top at 1.1692 as a potential longer-term target.

The recent breakout of the 5-month resistance line, today near 1.1410, leaves extra gains well on the cards in the near term at least. In the longer run, the negative outlook remains in place while below the key 200-day SMA at 1.1673.

EUR/USD daily chart