EUR/USD Price Analysis: A move below 1.1700 is not ruled out

• EUR/USD’s bullish attempt falters ahead of the 1.18 mark.
• The door remains open to a resumption of the downtrend.

EUR/USD fails to re-test the 1.1800 neighbourhood on Friday amidst the prevailing consolidative range.

In spite of the bounce seen in the last couple of sessions, sellers remain in control of the price action around the pair, leaving it vulnerable to another move to the YTD lows around 1.1700.

Further south of 1.1700 there are no relevant support levels until the November 2020 lows in the 1.1600 zone.

While below the 200-day SMA (1.1869)  the short-term stance for EUR/USD is expected to remain negative.

EUR/USD daily chart