• EUR/USD rises to multi-month highs near 1.0500.
• Additional gains beyond the 1.0500 barrier seem likely.

The EUR/USD rally higher and approach the key 1.0500 barrier on Monday.

Once broken above 1.0500, the pair is expected to refocus on the weekly high of 1.0614 (Jun 27) ahead of a June high of 1.0773 (Jun 9) and a May high of 1.0786 (May 30).

Above the 200 SMA (1.0382), the outlook for the pair should remain constructive.

EUR/USD daily chart