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  • EUR/USD is looking to stabilize above the key 1.1200 barrier.
  • The continuation of the rangebound theme looks likely near-term.

Inconclusive price action in EUR/USD coupled with the absence of stronger catalyst are expected to leave the consolidative mood unchanged for the time being.

Weekly tops in the mid-1.1300s continue to limit the upside, while the selling pressure appears to have met strong contention in the 1.1170/65 band so far.

On the broader picture, and as long as the 200-day SMA at 1.1030 holds the downside, further gains in the pair should not be ruled out.

EUR/USD daily chart