EUR/USD Technical Analysis: Some consolidation should not be discarded

• EUR/USD trades on a choppy note so far this week.
• The buying pressure could re-visit levels above 1.1200.

EUR/USD appears to have resumed the downside following Monday’s decent advance. Despite the positive price action, spot failed to close at/above 1.1200 the figure.

The bullish move that started in early December carries the potential to re-visit December’s top around 1.1240 ahead of August’s high at 1.1250. However, the inability to move further north of the 1.1200 mark in the near-term could spark some consolidation.

In the meantime, while the key 200-day SMA at 1.1141 underpins, the bullish outlook on the pair should stay unchanged.