EUR/USD Technical Analysis: further rangebound likely near term. Extra upside needs to regain 1.1853.

• The pair remains sidelined so far this month, with the upper bound of the range limited by the strong resistance in the mid-1.1800s.
• Initially, EUR/USD needs to regain 1.1750 and the base of the cloud in a sustainable note to allow a test of 1.1790, or July tops. If cleared, the next target will be the critical hurdle at June’s peak at 1.1853.
• Looking south, the 10-day SMA at 1.1680 and the 21-day SMA should offer interim contention ahead of last week’s low around 1.1575.
• A breakdown of the support area should pave the way for another visit to 2018 lows in the proximity of 1.1500 the figure.

EUR/USD daily chart

Daily high: 1.1700

Daily low: 1.1665

Support Levels

S1: 1.1655

S2: 1.1623

S3: 1.1592

Resistance Levels

R1: 1.1718

R2: 1.1749

R3: 1.1781