EUR/USD Price Analysis: Further consolidation likely ahead of extra gains

• EUR/USD is recovering some ground following Tuesday’s sharp drop.
• Some consolidation could be seen ahead of a potential move higher.

EUR/USD has managed to regain poise and it has now regained the 1.1300 mark and beyond following Tuesday’s close in the 1.1280 region.

The pair is expected to see some rangebound trading in the upper end of the recent range for the time being, ahead of the probable continuation of the move to the 1.15 neighbourhood (and probably 1.1569).

Looking at the broader picture, the outlook on the spot stays bullish while above the 200-day SMA, today at 1.1101.