EUR/USD Price Analysis: Downside pressure mitigated above 1.2250

• EUR/USD meets weekly resistance in the 1.2200 area.
• Extra gains seen above the mid-1.2200s near-term.

EUR/USD’s rebound seems to have met decent hurdle in the 1.2200 neighbourhood so far this week.

A move above the latter should expose the short-term resistance line (off March lows) around 1.2250. This area is also coincident with monthly peaks (June 1). Above this region, the pair should resume the upside bias and targets the May’s high at 1.2266 (May 25) ahead of 1.2300 the figure.

On the broader view, the constructive stance on EUR/USD is forecast to remain intact as long as it trades above the 200-day SMA, today at 1.1983.

EUR/USD daily chart