EUR/USD Price Analysis: Extra gains seen above 1.1670

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28 October 2021

EUR/USD Price Analysis: Extra gains seen above 1.1670

EUR/USD trades in an inconclusive fashion near 1.1600.
The next target of note emerges around 1.1670.

EUR/USD wobbles around the 1.1600 mark and extends the weekly consolidative range for an extra session on Thursday.

In the meantime, the inability of the pair to retest recent tops around 1.1670 ideally in the short-term horizon could trigger some corrective move to, initially, the weekly low at 1.1590 (October 25). The surpass of monthly tops, on the other hand, should allow for a potential move to the 1.1700 neighbourhood, coincident with the 55-day SMA and the short-term resistance line.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side below the key 200-day SMA, today at 1.1906.

EUR/USD daily chart

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