EUR/USD Price Analysis: Next on the upside aligns 1.1700

• EUR/USD regains some composure following new lows near 1.1610.
• The next key resistance is located in the 1.1700 neighbourhood.

After recording fresh 2-month lows near 1.1650 on Friday, EUR/USD has started the week on quite an optimistic mood and managed to re-take the mid-1.1600s on the back of some correction in the greenback.

While further pullbacks should not be ruled out just yet, the ongoing rebound needs to surpass the 1.1700 neighbourhood on a sustainable fashion to allow for extra gains and convince markets that the resumption of the bullish momentum is in the offing.

Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1236.

EUR/USD daily chart