EUR/USD gains ground to near 1.1370 in Monday’s early European session, up 0.25% on the day.
The positive view of the pair prevails above the key 100-day EMA with the bullish RSI indicator.
The first upside barrier is seen at 1.1445; the initial support level is located at 1.1283.
The EUR/USD pair attracts some buyers to around 1.1370 during the early European session on Monday. The US Dollar (USD) weakens against the Euro (EUR) amid the renewed trade war tensions. US President Donald Trump said on Friday that he planned to double import tariffs on steel and aluminum to build up pressure on global steel producers and intensify the trade war.
According to the daily chart, the bullish outlook of EUR/USD remains intact, characterized by the price holding above the key 100-day Exponential Moving Average (EMA). The upward momentum is supported by the 14-day Relative Strength Index (RSI), which stands above the midline near 57.25, suggesting the path of least resistance is to the upside.
The immediate resistance level emerges at 1.1445, the upper boundary of the Bollinger Band. Further north, the next hurdle is located at 1.1574, the high of April 21, followed by the 1.1600 psychological mark.
The low of May 28 at 1.1283 acts as an initial support level for a major pair. The next downside target to watch is 1.1110, the lower limit of the Bollinger Band. A breach of this level could see a drop to the key contention level at 1.1000, representing the round figure and the 100-day EMA.
EUR/USD daily chart
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
