EUR/USD Price Forecast: Door open for further upside

EUR/USD extends the uptrend and approaches 1.1150.
The rebound is fuelled by increasing dollar weakness and risk-on mood.

Pablo Piovano FXStreet

EUR/USD is prolonging he upside for the fifth consecutive session on Monday, always sustained by the moderate correction lower in the greenback and the favourable sentiment in the risk-associated universe.

Other than the renewed selling bias in the buck, the euro remains supported by the relentless re-opening of economies in the Old Continent and the gradual return to some sort of normality, as concerns around the coronavirus pandemic continues to ebb.

Moving forward, final PMIs are due along with the always-relevant US ISM Manufacturing. Later in the week, the focus of attention is expected to be on the ECB event and results from the US labour market (ADP and NFP).

Near-term Price Outlook

EUR/USD keeps its march north well and sound for the time being. The surpass of the 1.1150 region (late march tops) should open the door to a visit to the interim hurdle at 1.1187 (Fibo retracement of the 2017-2018 rally) ahead of the 1.1200 yardstick and the December’s high near 1.1240. In the broader picture, as long as the 200-day SMA, today at 1.1010, holds the downside, the outlook on the pair is expected to remain constructive. On the downside, the resumption of the selling bias is seen meeting moderate contention in the 1.1010/20 band, where coincide the 200-day SMA and the May 1 highs. In addition, a near-term pullback could be shaping up as the market gets closer to the overbought territory, as per the daily RSI.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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