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EUR/USD Price Analysis: Pullback could extend to 1.1700

FX Street
Updated:
  • EUR/USD manages to regain interest following Wednesday’s drop.
  • Further downside targets the key support near 1.1700.

After bottoming out near 1.1810 earlier in the session, EUR/USD has regained some composure and trades slightly into the positive territory.

Further downside should not be ruled out, particularly considering the recent overbought levels of the pair and the more relevant bearish divergence in the daily RSI. That said, the key contention area in the 1.1700/1.1690 band emerges as the next critical stop for EUR-bears.

The bullish view on EUR/USD, in the meantime, is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1137.

EUR/USD daily chart

 

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