EUR/USD Price Analysis: Looks rangebound above 1.1750

• EUR/USD is prolonging the side-line trading just above 1.1800.
• The mid-1.1700s area emerge as a temporary support so far.

EUR/USD alternates gains with losses so far this week, always underpinned by the area of last week’s lows in the 1.1750 region.

A breach of this support zone should lead to a probable test of the more relevant contention band at 1.1700/1.1690, where coincide monthly lows and a Fibo level (of the 2017-2018 decline). On the flip side, the next level of note is the 220 high at 1.1965 (August 18).

The bullish view on EUR/USD, in the meantime, is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1153.

EUR/USD daily chart