Technical Analysis:
EUR/USD posted sharp gains Monday, climbing decisively above the important resistance area at 1.1495-1.1500 and establishing a fresh 3-1/2-year high at 1.15728. The breakout marks a significant bullish technical milestone, clearly ending the consolidation phase initiated from the April 11 peak at 1.1475. The bullish momentum was underscored by the crossing of the 55-day moving average above the 200-day moving average—historically a potent bullish signal that typically precedes substantial upward price movements.

Technically, the pair's immediate bullish prospects are further solidified by the persistent upward trajectory of daily and monthly RSIs, both indicating healthy and sustainable upward momentum. Late in the session, EUR/USD held comfortably around 1.1520, up approximately +1.14%, highlighting robust buyer support. The rising 5-day moving average around the 1.1450-1.1470 area provides near-term support, underpinning the current bullish narrative and minimizing downside risk in the short term.

From a forward-looking perspective, EUR/USD faces immediate resistance at the critical 1.1600-1.1620 area, defined by important historical pivot levels (November 2021 high and November 2020 low). Successful clearance of this zone would open technical pathways toward more ambitious upside targets near structural resistance around 1.1700. Ultimately, given the strong bullish backdrop and measured move calculations derived from the recent consolidation breakout, a test of the psychologically significant 1.2000 level and the critical 200-month moving average remains firmly in play, provided investor sentiment continues to favor euro-denominated assets amid persistent U.S. dollar weakness.