The EUR/USD pair trades on a stronger note below the mid-1.0800s during the early European session on Monday.
EUR/USD gains momentum around 1.0817 in Monday’s early European session. The pair keeps the bearish vibe below the key EMA; RSI momentum indicator lies below the 50-midline. The initial support level is seen at 1.0800; the immediate resistance level will emerge at 1.0870. The softer US Dollar provides some support to the major pair. Investors await the German February Retail Sales and the US Gross Domestic Product annualized growth numbers for the fourth quarter for fresh impetus.
Further south, the next contention level is located near the lower limit of the Bollinger Band at 1.0762. A breach of this level will see a drop to a low of February 16 at 1.0732, followed by the confluence of a low of February and a psychological level at 1.0700. On the upside, the immediate resistance level will emerge at the 100-period EMA at 1.0870. The decisive break above the latter will expose a high of March 16 at 1.0906.
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