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EUR/USD extends rally, but trade range tightens near 1.17

Analysts said support around 1.1565 should limit the downside, while a move above 1.1710 is seen targeting 1.1791 next.

Reported · Written up by our desk · Major Pairs

EUR/USD extended its rally from 1.1323 to 1.1710 last week, but it has since turned sideways, leading analysts to shift the near-term outlook to neutral for consolidation.

The upside bias depends on EUR/USD holding above 1.1710, which would point to a move toward the 61.8% retracement level at 1.1791 next. A firm breakout there would then set up a retest of the 1.2081 high.

On the downside, a retreat should be contained if 1.1565 support holds, which would keep alive the prospect of another rally. The outlook also ties into the broader technical picture, where a key long-term inflection is linked to the 1.2000 to 1.2019 area, a decisively above or below level of which would change the longer-run directional view.

Latest closeEUR/USD 1.138 ▼0.6%

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