EUR/USD Price Analysis: Immediate hurdle lines up at 2020 highs

• EUR/USD extends the upside momentum well past 1.18.
• Further gains now target the YTD peak beyond the 1.19 mark.

EUR/USD has resumed the upside and it has already reclaimed the key barrier at 1.18 the figure.

The pair’s momentum looks firmer despite re-entering the oversold territory and there is now room for a more convincing visit to 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 1.1097, holds the downside, further gains in EUR/USD remains well on the table.

EUR/USD daily chart