EUR/USD reclaims 1.1600, but can bulls extend gains?

Overview: EURUSD opened with a bullish gap, reclaiming 1.1600, yet caution remains warranted as the pair trades below a dense SMA cluster and the uptrend line, keeping the near-term bias neutral despite the rebound from last week’s 1.1575 low.

Momentum: Momentum is still subdued, with the RSI and MACD in negative territory, though the RSI is edging higher, suggesting early signs of stabilization.

Bullish scenario: A decisive break above the 20-day SMA just below 1.1700 – around 1.1685, could pave the way for a retest of monthly highs near 1.1787, and potentially the April 17 peak at 1.1845.