- EUR/USD seems to have moved into a consolidative phase.
- The 4-month resistance line near 1.0700 caps the upside.
EUR/USD regains the 1.0500 mark and above after the earlier drop to the 1.0470/65 band on Wednesday.
So far, and as long as the 4-month line in the 1.0690/1.0700 region limits the upside, extra pullbacks in the pair should remain on the cards in the short-term horizon. Against that, the next support of note comes at the June low at 1.0358 (June 15) ahead of the 2022 low at 1.0348 (May 13).
In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.1148.
EUR/USD daily chart
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