- EUR/USD remains in a consolidating mood near 1.0250.
- Extra sideways trading looks favored in the short term.
The EUR/USD fading early pessimism and refocusing on the top end of the recent range near 1.0260.
The current consolidative mood has the potential to extend further, at least until the FOMC meeting scheduled for later in the week. Upside should be capped by the weekly high around 1.0280, while lows around 1.0150 are expected to keep the trend down for now.
Meanwhile, the pair is expected to remain under downward pressure as long as it is below the 5-month support line around 1.0490.
In the long term, the bearish view of the pair is expected to prevail as long as it trades below the 200-day SMA at 1.0991.
EUR/USD daily chart
Technical levels
Source: Fx Street
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