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EUR/USD Price Analysis: Further rangebound ahead of extra gains?

FX Street
Updated:
  • EUR/USD appears within a multi-session consolidative theme.
  • A breakout of this pattern should expose 1.1917 (September 10).

The buying interest in EUR/USD met a tough hurdle just beyond 1.18 far this week. Extra buying impetus is expected to motivate the pair to surpass the immediate resistance line (off 2020 highs) near 1.1740 on a sustainable fashion.

Extra gains are therefore likely above this hurdle and are forecasted to attempt a move to the September 10 high in the 1.1915/20 band in the near-term.

Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1261.

EUR/USD daily chart

 

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