EUR/USD Price Analysis: The 1.1700 area holds the downside… so far

• EUR/USD meets some selling pressure and challenges 1.1700.
• A drop to lows near 1.1610 is not totally ruled out.

The buying interest in EUR/USD met initial resistance in the 1.1770 region – or multi-day highs - where it also converges the 55-day SMA.

Extra gains now need to surpass this area to allow for a visit to the interim hurdle at the short-term resistance line just below 1.18 the figure. A more serious bullish attempt should then target the 1.1915/20 band (September 10).

Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1243.

EUR/USD daily chart