EUR/USD Trapped in Narrow Range as Higher Low Forms Above 100-Day SMA

The EUR/USD currency pair is trading in a narrow consolidation range on the daily chart, with the US Dollar Index (DXY) hovering around 99.10 after reaching as high as 99.36 following the employment report.

The EUR/USD price action suggests that it may be forming another higher low above the 100-day Simple Moving Average (SMA) at 1.1564, but buyers still need to clear the 200-day SMA at 1.1634 to regain control.

The Relative Strength Index (RSI) has eased from overbought levels but remains above the neutral 50 mark, indicating that bullish momentum has weakened without disappearing entirely.

On the upside, a break above the 200-day SMA could pave the way for the EUR/USD to reach 1.1700, followed by the resistance zone around 1.1800.