EUR/USD Forecast: Euro is yet to clear key resistance

• EUR/USD registered its highest daily close since early February on Monday.
• The technical outlook suggests that the bullish bias remains intact.
• The pair could push higher once it stabilizes above 1.0860.

EUR/USD extended its recovery at the beginning of the week and registered its highest daily close since early February at 1.0850 on Monday. The pair faces immediate resistance at 1.0860 and it could continue to push higher once this level turns into support.

European Central Bank (ECB) President Christine Lagarde told the European Parliament on Monday that wage pressure in the Euro area were still strong and added that the restrictive policy stance was acting as a safeguard against a wage-price spiral. Lagarde’s remarks helped the Euro hold its ground during the American trading hours.