EUR/USD Price Analysis: Solid contention emerged around 1.1830

• EUR/USD dropped and rebounded from the vicinity of 1.1830.
• The 200-day SMA keeps capping the upside.

The selling bias in EUR/USD seems to have halted around 1.1830 so far. This initial area of contention coincides with the March 9 lows.

Against the current context, further pullbacks should not be ruled out. That said, a breach of the 1.1830 region should allow for a move to 1.1800 in the short-term horizon.

The near-term outlook for EUR/USD is forecast to remain on the negative side while below the key 200-day SMA, today at 1.1995.

In the meantime, current oversold conditions could allow for a near-term rebound.

EUR/USD daily chart