EUR/USD Price Analysis: Not out of the woods yet

• EUR/USD manages to rebound from YTD lows near 1.1560.
• A drop to 1.1500 still floats on the horizon.

EUR/USD regains the smile and flirts with 1.1600 following five straight sessions with losses on Friday.

The “technical rebound” from recent oversold levels could meet interim hurdle at the 10-day SMA at 1.1674 in the near term. A sustained recovery from here looks unlikely, however, at least in the near/medium term. While the immediate support line (off September 3 highs) keeps capping the upside, there should be room for further decline.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side below the key 200-day SMA, today at 1.1963.

EUR/USD daily chart