EUR/USD Price Analysis: Another test of 1.1700 is not ruled out

• EUR/USD’s rebound stays capped by the 1.1800 area.
• The resumption of the selling bias could see 1.1700 re-tested.

EUR/USD gives away part of Friday’s advance to the area just past 1.1800 the figure. This hurdle also coincides with the 2020-2021 line.

The 1.1800 neighbourhood now emerges as the immediate target for EUR-bulls. If cleared, then the recovery could target the July tops in the area just above the 1.1900 yardstick, where it is expected to struggle.

Failure to re-test/surpass the 1.1800 area could encourage sellers to step in and drag spot once again to YTD lows near 1.1700.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.2006.

EUR/USD daily chart