EUR/USD Price Analysis: Some consolidation is not ruled out near term

EUR/USD comes under some pressure around the 0.9700 mark.
Extra range bound appears on the cards in the very near term.

Pablo Piovano FXStreet

EUR/USD exchanges gains with losses in the 0.9700 region amidst an equally vacillating trend in the risk complex.

The ongoing price action suggests a continuation of the current side-lined trading around current levels, at least until the release of the FOMC Minutes and US inflation figures later in the week. The breach of this theme could put a potential visit to the 2022 low at 0.9535 (September 28) back on the traders’ radar.

In the longer run, the pair’s bearish view should remain unaltered while below the 200-day SMA at 1.0592.

EUR/USD daily chart

EUR/USD

Overview
Today last price	0.9704
Today Daily Change	53
Today Daily Change %	-0.06
Today daily open	0.971

Trends
Daily SMA20	0.9827
Daily SMA50	0.9976
Daily SMA100	1.0191
Daily SMA200	1.0602

Levels
Previous Daily High	0.9775
Previous Daily Low	0.967
Previous Weekly High	1
Previous Weekly Low	0.9726
Previous Monthly High	1.0198
Previous Monthly Low	0.9536
Daily Fibonacci 38.2%	0.9735
Daily Fibonacci 61.8%	0.971
Daily Pivot Point S1	0.9662
Daily Pivot Point S2	0.9614
Daily Pivot Point S3	0.9558
Daily Pivot Point R1	0.9766
Daily Pivot Point R2	0.9822
Daily Pivot Point R3	0.987

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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