EUR/USD Price Analysis: Near-term outlook remains neutral

• EUR/USD keeps the consolidative mood around the 1.08 level.
• Interim resistance emerges at the 55-day SMA at 1.0950.

EUR/USD is trading on a mixed fashion in the first half of the week and is looking to stabilize in the 1.0800 neighbourhood following the recent sell-off.

Further rangebound trading remains 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 2-month resistance line in the 1.0930/35 band.

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