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EUR / USD Price Analysis: Another visit to 1.1700 not ruled out

After a dip to multi-day lows at the 1.1720 / 15 zone earlier in the session, the EUR/USD it has managed to return to positive territory near 1.1770 at the time of writing this Wednesday.

Despite the current rebound, further pullbacks are still expected and the 1.1700 area could be retested on the near term horizon. In this zone it converges with a Fibonacci level and the immediate short-term support line. A move towards the September lows near 1.1600 is out of the question for now.

Looking at the broader scenario, the EUR / USD bullish view is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1273.

Daily chart

Credits: Forex Street

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