EUR/USD Price Analysis: Extra rangebound looks increasingly likely

• EUR/USD extends the consolidative mood around the 1.1700 level.
• Next target on the upside is still at 1.1917 (September 10 high).

The buying interest in EUR/USD met initial resistance in the 1.1770/80 band – or multi-day highs - where it also converges the 55-day SMA.

Extra gains now need to surpass this area to allow for a potential move to the 1.1915/20 band (September 10). On the downside, the 1.1610 zone emerges as a significant magnet for bears.

Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1249.

EUR/USD daily chart