EUR/USD Price Analysis: Upside could extend to 1.2265/70

• EUR/USD keeps the daily range around the 1.2200 area.
• The upside is now limited by the 1.2265/70 band.

EUR/USD extends the weekly rebound further north of the 1.220 level on turnaround Tuesday.

The short-term support line (off March lows) seems to underpin the positive momentum in the pair and therefore allows for extra gains in the short-term horizon. That said, if 1.2270 is cleared, then there is the chance of an assault to the 1.2300 hurdle ahead of the YTD peaks in the 1.2350 area (January 6).

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 1.1974.

EUR/USD daily chart