EUR/USD has gained traction on improving market mood on Monday. The pair could target 1.1400 next in case the market mood remains upbeat, FXStreet’s Eren Sengezer reports.

Euro could target 1.1400 if risk-on mood stays intact

“Later in the session, IHS Markit will release the preliminary February Manufacturing and Services PMI reports for the euro area and Germany. The US markets will be closed in observance of Presidents Day, suggesting that geopolitical headlines will continue to impact EUR/USD's action.”

“First resistance is located at 1.1400 (psychological level, Fibonacci 23.6% retracement of the latest uptrend) ahead of 1.1450 (static level) and 1.1480 (static level).”

“On the downside, additional losses toward 1.1300 (psychological level, Fibonacci 50% retracement) could be witnessed in case buyers fail to defend the 1.1340/1.1350 area (Fibonacci 38.2%, 200-period SMA and 100-period SMA).”