EUR/USD Price Analysis: Some consolidation is not ruled out near term

• EUR/USD comes under some pressure around the 0.9700 mark.
• Extra range bound appears on the cards in the very near term.

EUR/USD exchanges gains with losses in the 0.9700 region amidst an equally vacillating trend in the risk complex.

The ongoing price action suggests a continuation of the current side-lined trading around current levels, at least until the release of the FOMC Minutes and US inflation figures later in the week. The breach of this theme could put a potential visit to the 2022 low at 0.9535 (September 28) back on the traders’ radar.

In the longer run, the pair’s bearish view should remain unaltered while below the 200-day SMA at 1.0592.

EUR/USD daily chart