The euro pares gains against the dollar after failing to break 1.1700, with technical indicators signaling overbought conditions.
EUR/USD edges 0.13% lower, retreating to 1.1660 after encountering resistance at 1.1700. The pair’s neutral-to-upward bias remains intact, though momentum has stalled as the Relative Strength Index (RSI) enters overbought territory.
The euro’s inability to sustain higher highs suggests consolidation ahead. Key resistance levels include 1.1750 and the May 6 high of 1.1795, while support lies at the 200-day Simple Moving Average (1.1631) and 1.1600.
Traders are watching for a breakout, though sideways movement is the path of least resistance for now.