The EUR/USD pair has been on a multi-week rally and has sustained its upward momentum for two consecutive sessions. Currently, the immediate target is set at the 1.1100 round level, and the pair has closed with gains in eight out of the last nine weeks. Since late February, the pair has gained more than 5 cents, which is a notable achievement.
Furthermore, the hawkish tone of the European Central Bank (ECB) officials and the prospect of additional interest rate hikes following the May gathering have strengthened the bullish stance on the euro in the short term.
In terms of technical analysis, a retracement to the 38.2% Fibonacci level has been observed in the small timeframe, indicating a potential for further price growth with a target set at 1.1100.
Based on these factors, we expect a long continuation for the EUR/USD pair.