• EUR/USD adds to Friday’s gains beyond 1.0400.
• Bulls could push the pair to the 1.0640 area.

EUR/USD’s rebound gathers further traction north of the 1.0400 mark on Monday.

Considering the pair’s ongoing price action and oversold condition (as per the daily RSI), it seems to be extra room for the continuation of the rebound in the very near term at least. Against that, the next hurdle emerges at the weekly high at 1.0641 (May 5). In light of the underlying bearish view of the pair, further upside should be deemed as selling opportunities.

Below the 3-month line around 1.0900, the pair is expected to remain under pressure and vulnerable to extra losses.

EUR/USD daily chart