EUR/USD Price Analysis: Consolidation ahead of further gains?

• EUR/USD picks up some upside traction following the recent drop.
• Occasional bullish attempts need to surpass 1.0874.

EUR/USD now looks somewhat consolidative and attempts to leave behind the recent couple of sessions in the negative territory.

It seems the pair is moving into a consolidation phase ahead of the potential resumption of the uptrend. Against that, further north of the so far YTD high at 1.0874 (January 16) should appear the round level at 1.0900 in the relatively short-term horizon.

Furthermore, while above the short-term support line near 1.0580, extra gains should remain in store.

In the longer run, the constructive view remains unchanged while above the 200-day SMA at 1.0308.

EUR/USD daily chart