The EUR/USD pair consolidated its recent losses to multi-month lows and remained confined in a narrow trading band, around the 1.0800 mark for the second consecutive session on Thursday. Haresh Menghani, an analyst at NDDFX, analyzes EUR/USD from a technical perspective.
“Nothing seems to have changed and EUR/USD is unable to register any meaningful recovery suggesting that the near-term bearish pressure might still be far from being over.”
“Some follow-through weakness below a one-year-old ascending trend-channel support, currently near the 1.0775-70 region, will reinforce the negative outlook and turn the pair vulnerable to accelerate the fall further towards the 1.0700 round-figure mark.”
“Some follow-through buying might trigger some near-term short-covering move and assist the pair to aim back towards reclaiming the 1.0900 mark with some intermediate resistance near the 1.0870-75 region.