- EUR/USD meets some selling pressure and challenges 1.1700.
- A drop to lows near 1.1610 is not totally ruled out.
The buying interest in EUR/USD met initial resistance in the 1.1770 region – or multi-day highs – where it also converges the 55-day SMA.
Extra gains now need to surpass this area to allow for a visit to the interim hurdle at the short-term resistance line just below 1.18 the figure. A more serious bullish attempt should then target the 1.1915/20 band (September 10).
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 1.1243.
EUR/USD daily chart