EUR/USD Price Analysis: Extra range bound seems likely

• EUR/USD fades the post-ECB bullish move to 1.0280.
• Further consolidation looks the most likely scenario near term.

EUR/USD leaves behind Thursday’s decent advance to weekly highs in the 1.0280 region at the end of the week.

The current consolidative mood carries the potential to extend further, at least until next week’s FOMC meeting. The upside should remain limited by the weekly high around 1.0280, while the low-1.0100s are expected to hold the downside for the time being.

In the meantime, the pair is expected to remain under downside pressure while below the 5-month support line around 1.0500.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0998.

EUR/USD daily chart