EUR/USD Price Analysis: Further rangebound in the pipeline

• EUR/USD’s rebound run out of steam in the 1.1350 region on Tuesday.
• Downside appears limited around the 1.1200 area so far.

EUR/USD is struggling to extend the upside momentum following Monday’s strong advance, with gains limited around the mid-1.1300s for the time being.

Extra consolidation is seen in the pair in the short-term horizon, likely between monthly tops near 1.1420 and the 1.1200 neighbourhood.

On the broader picture, the outlook on the pair is seen as constructive as long as the 200-day SMA, today at 1.1024, holds the downside. That said, the current downside is seen as corrective only for the time being.

EUR/USD daily chart