EUR/USD Price Analysis: A deeper retracement to 1.1500 looks unlikely
|- EUR/USD lost the grip further and dropped to the 1.1670 area.
- The next significant support is located at the March peaks near 1.1500.
After bottoming out in new 2-month lows around 1.1670, EUR/USD has managed to regain some composure and return to the 1.1700 neighbourhood.
While further retracements remain on the cards, a deeper pullback to the next support of relevance in the 1.1500 region (March tops) is not favoured for the time being. On the upside, a more serious bullish attempt should regain recent tops around the 1.19 barrier.
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 1.1229.
EUR/USD daily chart
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