The euro consolidates around 1.16 after rebounding from April lows, with resistance at the 200-DMA key for a broader rally.
EUR/USD has rebounded from its April low of 1.1500 but remains in rangebound trading near 1.16, lacking clear signs of a sustained uptrend. Analysts highlight the 200-day moving average around 1.1675/1.1690 as critical resistance, aligning with a descending trend line since January.
The pair’s recent pivot low at 1.1500 continues to serve as crucial support, framing the current consolidation phase. A break above the 200-DMA could signal a larger rebound, while failure to hold 1.1500 may reignite downside pressure.