EUR/USD has preserved its bullish momentum at the beginning of the week. As FXStreet’s Eren Sengezer notes, the next key resistance for the pair is located at 1.0650.

Euro bulls face tough test at 1.0650

“In case risk flows continue to dominate the financial markets in the second half of the day, EUR/USD should be able to keep its firm footing.”

“1.0650 (200-period SMA, static level) forms the next critical resistance for the pair. With a four-hour close above that level, additional gains toward 1.07 (psychological level, static level) could be witnessed.” 

“On the downside, 1.06 (psychological level) aligns as first support ahead of 1.0550 (static level, 20-period SMA). As long as the latter holds following a correction, the pair's bullish bias should remain intact.”