In the early American session on Monday, EUR/USD maintains its upward trajectory, trading above 1.0800 amidst a slightly improved risk sentiment that dampens demand for the US Dollar (USD). Technical analysis suggests an upside bias, although the pair faces resistance from key moving averages.

On the daily chart, EUR/USD struggles with the 200 Simple Moving Average (SMA) but finds support from the 20 SMA, indicating increased buying interest. Technical indicators lack clear directional strength but remain in positive territory. The 100 SMA acts as resistance near 1.0840.

The 4-hour chart suggests further upward movement if EUR/USD breaks through 1.0810, with the pair developing above all key moving averages. Technical indicators show momentum within positive levels, supporting a continuation of the upward trend.

Major currency pairs, including EUR/USD, await fresh cues as central banks maintain monetary policies amid persistent inflation challenges. Investors focus on upcoming US data, particularly the April Consumer Price Index (CPI), which could trigger market reactions despite the Federal Reserve’s preference for the Personal Consumption Expenditures (PCE) Price Index.

In the context of data releases, Germany’s March Current Account surplus slightly dipped, while the US session includes speeches from multiple Fed officials, albeit with limited impact on USD price action recently.

Trade Idea: 

Traders can watch for a potential breakout above 1.0810 in EUR/USD, which could signal further upside momentum. Keep an eye on key technical levels and upcoming US data for trading opportunities.