EUR/USD Price Analysis: Further range bound likely… until Payrolls?

• EUR/USD comes under some modest pressure below parity.
• Solid contention remains around the 0.9900 neighbourhood.

EUR/USD sheds some ground following Tuesday’s 2-day tops in the 1.0050/55 band.

Further consolidation looks the most likely scenario in EUR/USD for the time being, always within the 1.0100-0.9900 range. The pair is expected to keep this theme unchanged in the next couple of sessions, or at least until the key publication of US Nonfarm Payrolls (Friday).

The breakout of the weekly high at 1.0090 (August 26) could spark further gains to 1.0202 (August17 high) ahead of the 55-day SMA, today at 1.0222. Alternatively, the loss of the YTD low at 0.9899 (August 23) could put the December 2002 low at 0.9859 back on the radar.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0807.

EUR/USD daily chart