- EUR/USD keeps the consolidative mood around the 1.08 level.
- Interim resistance emerges at the 55-day SMA at 1.0950.
EUR/USD is trading on a mixed fashion in the first half of the week and is looking to stabilize in the 1.0800 neighbourhood following the recent sell-off.
Further rangebound trading remains well on the cards for the time being, although the inability to probe or better clear the 55-day SMA at 1.0950 in the short-term horizon carries the potential to encourage sellers to return to the market on a more convincing fashion. This hurdle is also reinforced by the 2-month resistance line in the 1.0930/35 band.
That said, the initial magnet to the downside sits at last week’s lows in the 1.0770/65 band ahead of April’s low at 1.0727 (April 24th).
EUR/USD daily chart
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