EUR/USD Price Forecast: Gathers strength above 1.0800, bullish bias remains
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EUR/USD gathers strength to near 1.0815 in Monday’s Asian session.
The constructive view of the pair prevails above the key 100-day EMA with the bullish RSI indicator.
The immediate resistance level emerges at 1.0955; the downside target to watch is 1.0775.
The EUR/USD pair edges higher to around 1.0815, snapping the three-day losing streak during the early Asian session on Monday. The concerns over the economic slowdown in the United States by trade policies under US President Donald Trump weigh on the US dollar (USD) and create a tailwind for EUR/USD. Traders will take more cues from the preliminary reading Purchasing Managers Index (PMI) for March from the Eurozone, Germany, and the US, which is due later on Monday.
Technically, the positive outlook of the EUR/USD pair remains in play as the price is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is reinforced by the 14-day Relative Strength Index (RSI), which stands above the midline near 59.35, displaying bullish momentum in the near term.
The first upside target for the cross emerges at 1.0955, the high of March 18. Extended gains could see a rally to the 1.1000 psychological level. The additional upside filter to watch is 1.1111, the upper boundary of the Bollinger Band.
On the flip side, the low of March 7 at 1.0775 acts as an initial support level for the major pair. The key contention level is located in the 1.0605-1.0600 zone, representing the 100-day EMA and the round figure. Sustained trading below the mentioned level could see a drop to 1.0418, the low of February 20.
EUR/USD daily chart
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