EUR/USD Forecast: Bullish Momentum Builds Above 100-Hour SMA Near 1.1380

EUR/USD Forecast: Bulls Firm Above 100-Hour SMA, Eyes Set on 1.1450

The EUR/USD pair resumes upward movement on Monday, rebounding from Friday’s pullback and trading above the 1.1420 mark in the early European session. The bounce comes amid broad-based US Dollar (USD) weakness, as market sentiment favors risk-on assets and investors reassess the Greenback’s recent gains.

Technical Picture: Bulls in Full Control

The 100-hour Simple Moving Average (SMA) served as a reliable support level last week, with the pair rebounding sharply off it. The daily RSI remains in bullish territory, suggesting momentum is still with buyers.

• Immediate Resistance: 1.1450–1.1455 (horizontal zone)
• Next Major Resistance: 1.1500 (psychological level)
• Intermediate Target: 1.1550
• YTD High: 1.1575 (April peak)

On the downside:

• Support Zone: 1.1370 (recent dip-buying level)
• Key Moving Average Support: 100-hour SMA, currently near 1.1360

Outlook: Uptrend Likely to Resume if Resistance Breaks

Should the pair sustain a move above 1.1455, it may trigger further momentum-driven buying toward the 1.1500 psychological level. A clean break there opens the path to the 1.1550 and possibly the year-to-date high of 1.1575, reinforcing the broader uptrend seen over the past month.

Related Read:
US Dollar Index DXY Forecast: Pullback Ahead of Key Support

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Key Takeaways:

• EUR/USD reclaims 1.1420 amid USD pullback.
• 100-hour SMA remains strong support.
• Technical indicators favor continued bullish momentum.
• Eyes on 1.1455 resistance, with 1.1500 and 1.1575 as bullish targets.