EUR/USD Price Analysis: Further upside could see 1.20 retested

• EUR/USD approaches the key hurdle in the 1.1980/90 band.
• Further up comes in the psychological barrier at 1.2000.

EUR/USD keeps pushing higher and already trades at shouting distance from the 1.1980/90 resistance zone.

The recovery from YTD lows near 1.1700 (March 31) remains well and sound so far. The recent break above the 200-day SMA (1.1895) gave extra oxygen to the rally and paves the way for extra gains in the short-term horizon.

That said, at the 1.1980/90 region converge the mid-March peaks, the 50-day SMA and a Fibo level (of the November-January rally). A surpass of this area allows for a move to the key 1.2000 hurdle.

Above the 200-day SMA (1.1895) the stance for EUR/USD is forecast to shift to positive.

EUR/USD daily chart