EUR/USD Price Analysis: Door open for extra rangebound

• EUR/USD keeps the consolidative mood above the 1.08 mark.
• Interim resistance emerges at the 55-day SMA at 1.0948.

EUR/USD is prolonging the consolidative note so far this week, always supported by the 1.0800/1.0780 band.

Further consolidation appears well on the cards for the time being, although the inability to probe or better clear the 55-day SMA at 1.0950 in the short-term horizon carries the potential to encourage sellers to return to the market on a more convincing fashion. This hurdle is also reinforced by the proximity of the 2-month resistance line.

That said, the initial magnet to the downside sits at last week’s lows in the 1.0770/65 band ahead of April’s low at 1.0727 (April 24^th).

EUR/USD daily chart