The EUR/USD pair attracts fresh buyers at the start of a new week and for now, seems to have snapped a three-day losing streak to over a two-week low, around the 1.0360 area touched on Friday.
The momentum lifts spot prices further beyond the 1.0400 mark during the Asian session and is sponsored by a weaker US Dollar (USD).
From a technical perspective, the EUR/USD pair showed some resilience below the 50% Fibonacci retracement level of the rally witnessed in February. The subsequent move above the 38.2% Fibo. level suggests that the pullback from the 1.0525-1.0530 area, or a one-month high touched last week, has run its course.
The said area represents the 100-day Simple Moving Average (SMA) and should act as a key pivotal point for short-term traders.
Meanwhile, oscillators on the daily chart are yet to confirm a positive bias and warrant some caution for bullish traders amid worries about US President Donald Trump's tariff plans.
Nevertheless, the EUR/USD pair still seems poised to climb further towards the 1.0450 horizontal support breakpoint, now turned resistance, which coincides with the 23.6% Fibo. level. A sustained strength beyond could lift spot prices to the 1.0500 psychological mark.
Source: FXStreet
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