EUR/USD Price Forecast: Bulls have the upper hand while above 100-hour SMA, around 1.1380 area

• EUR/USD regains positive traction on Monday amid a broadly weaker USD.

• The technical setup favors bulls and supports prospects for further gains.

• Corrective slides to the 1.1370 zone could be seen as a buying opportunity.

The EUR/USD pair attracts some dip-buying at the start of a new week, reversing a part of Friday's slide and stalling last week's pullback from the highest level since April 22. Spot prices trade around the 1.1420 area, up over 0.20% for the day, and seem poised to climb further amid a broadly weaker US Dollar (USD).

From a technical perspective, the EUR/USD pair once again showed resilience and bounced off the 100-hour Simple Moving Average (SMA) support on Friday. The subsequent move-up and positive oscillators on the daily chart favor bulls. Hence, some follow-through strength towards the 1.1450-1.1455 horizontal resistance en route to last week's swing high, closer to the 1.1500 psychological mark, looks like a distinct possibility.

A sustained strength and acceptance above the latter will be seen as a fresh trigger for bullish traders and set the stage for an extension of the EUR/USD pair's recent well-established uptrend witnessed over the past four weeks or so. The momentum could extend further towards the 1.1550 intermediate resistance before spot prices aim to challenge the year-to-date high, around the 1.1575 region touched in April.

On the flip side, Friday's low, around the 1.1370 zone, might now protect the immediate downside, below which the EUR/USD pair could slide to the 1.1340 intermediate support before dropping to sub-1.1300 levels. Some follow-through selling could drag spot prices to the 1.1210 pivotal support tested on May 29. Failure to defend the said support levels might negate the positive outlook and shift the bias in favor of bearish traders.

EUR/USD 1-hour chart