Gains remain capped by 1.0800

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• EUR/USD advances to new multi-week highs around 1.0790.
• There is a tough barrier at the 1.0800 zone so far.

EUR/USD resumes the upside bias following Friday’s marked pullback and approaches the 1.0800 region.

A more serious bullish attempt is expected to quickly surpass the so far monthly high at 1.0790 (June 12), which is closely followed by the round level at 1.0800. The latter, in turn, appears propped up by the temporary 100-day SMA at 1.0805.

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0522.

EUR/USD daily chart