The EUR/USD pair trades in positive territory around 1.0510 during the early European session on Monday.
EUR/USD recovers to near 1.0510 in Monday’s early European session. The negative view of the pair prevails below the 100-day EMA with the bearish RSI indicator. The initial support level emerges at 1.0432; the first upside barrier is seen at the 1.0600-1.0610 regions. However, the upside for the cross might be limited due to the dovish stance of the European Central Bank .
0432, the lower limit of the Bollinger Band. A breach of this level could see a drop to 1.0332, the low of November 22. Further south, the next contention level is seen at 1.0290, the low of November 30, 2022. On the bright side, the immediate resistance level is located in the 1.0600-1.0610 zone, representing the upper boundary of the Bollinger Band and the psychological level. Sustained bullish momentum above the mentioned level could see a rally to 1.0764, the 100-day EMA.
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