Today, the EUR/USD pair is attracting buyers, recovering part of Friday's losses amid a weaker U.S. dollar.
From a technical perspective, the EUR/USD pair is currently showing resilience below the 100-hour Simple Moving Average (SMA). Moreover, the oscillators on both daily and hourly charts are positive, so a subsequent move upward toward the psychological level of 1.1500, with resistance near 1.1450, appears to be a clear possibility. Sustained strength and acceptance above the psychological level could be seen as a new trigger for the bulls, laying the groundwork for the extension of the upward trend that the EUR/USD pair has been following for nearly four weeks.
The momentum could extend further toward the next resistance at 1.1550 before prices attempt to revisit the yearly high reached in April.
On the other hand, Friday's low near the 1.1370 level is providing immediate support. A break below this level could push the EUR/USD pair toward intermediate support at 1.1340, and further down to the psychological level of 1.1300. Continued selling pressure could drag spot prices toward the key support at 1.1210, the low from May 29. Failure to defend these levels would negate the positive outlook and shift the bias in favor of the bears.
