EUR/USD Price Analysis: Extra consolidation on the cards

• EUR/USD is prolonging the side-line trading around 1.1800.
• The 1.1770/50 band emerges as a temporary support so far.

EUR/USD extends the side-lined mood so far this week, always amidst the increasing cautiousness among market participants in light of Powell’s speech at the Jackson Hole Symposium.

The multi-session consolidative range stays unchanged between 1.1750 and 1.1850 in the short-term horizon. Further south of this range should lead to a probable test of the more relevant contention band at 1.1700/1.1690, where coincide monthly lows and a Fibo level (of the 2017-2018 decline). On the flip side, interim hurdle aligns at 1.1916 (August 6 top) ahead of the 2020 high at 1.1965 (August 18).

The bullish view on EUR/USD, in the meantime, is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1157.

EUR/USD daily chart