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The upside bias in EUR/USD appears to have once again run out of steam in the 1.1870/80 band, hinting at the idea that the pair could move into a consolidative phase in the very near-term and/or that a short-term top (near 1.1920) could be in place for the time being, according to FXStreet’s Pablo Piovano.

Key quotes

“EUR/USD met a tough resistance in the upper-1.1800s for the time being. The inability of the pair to surpass this hurdle in the near-term (ideally), should open the door to some consolidation as markets keep digesting the sharp July-August rally..”

“The resumption of the upside should put the 1.1900 neighbourhood back on the radar as well as the so far 2020 highs in the 1.1915/20 band.”

“On the selling side, the 1.1700/1.1690 region seems to hold well the occasional bearish moves, somewhat limiting the downside at the same time.”