• EUR/USD gives away post-FOMC gains and falters near 1.0230.
• There is a tough up barrier around the weekly high at 1.0280 so far.

EUR/USD could not sustain the earlier bull run and retreated to the area well below the 1.0200 support on Thursday.

For the pair to gather a more serious rebound, it needs to leave behind the recent highs around 1.0280 to allow for extra gains to test, initially, the interim hurdle at the 55-day SMA at 1.0435.

In the meantime, the pair is expected to remain under downside pressure while below the 5-month support line around 1.0470.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0969.

EUR/USD daily chart