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EUR/USD Price Analysis: Further consolidation remains on the cards

  • The correction lower in EUR/USD met support in the 1.0870 area.
  • The pair’s upside remains limited by the 200-day SMA bove 1.1000.

The decline in EUR/USD seems to have bottomed out around Monday’s lows in the 1.0870 region for the time being.

If sellers regain the upper hand, then a potential drop to the previous consolidative pattern in the 1.0800 neighbourhood remains a palpable chance. Above the 200-day SMA, today at 1.1011, the selling pressure is expected to mitigate somewhat and allow for a probable move to late March peaks in the mid-1.1100s.

Looking at the broader picture, the rangebound theme is expected to prevail at least in the short-term horizon.

EUR/USD daily chart

 

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