EUR/USD extends gains toward the upper boundary of the descending channel around the 1.0890 level.
The 14-day RSI is still positioned above the 50 level, suggesting a bullish sentiment for the pair.
The pair could find key support around the 50-day EMA at 1.0819 level.
EUR/USD advances for the third consecutive day, trading around 1.0860 during the Asian session on Monday. The analysis of the daily chart shows that the pair is positioned within a descending channel, suggesting a bearish bias.
However, the 14-day Relative Strength Index (RSI), a momentum indicator, is still positioned above the 50 level, suggesting a bullish sentiment for the EUR/USD pair. Further movement will give a clear directional trend.
The EUR/USD pair could test a potential resistance at the upper boundary of the descending channel around the level of 1.0890, followed by the psychological level of 1.0900. A breakthrough above this level could lead the pair to revisit a four-month high of 1.0948 level.
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