During yesterday trading session, the situation in the EUR/USD pair remained unchanged. The pair is still trading within a range, with support holding around 1.1510-1.1570.
Against the backdrop of risk-off sentiment and stronger demand for the U.S. dollar, pressure on the pair remains in place. At the same time, expectations of a possible ECB rate hike in the event of faster inflation in the eurozone may provide additional support for the euro.
Overall, EUR/USD remains in a consolidation phase, while the risk of a renewed decline is still relevant. A recovery toward 1.1600 may be viewed as a selling opportunity, with downside targets at the 1.1470-1.1440 support zone.
A breakout above resistance would open the way for a move toward 1.1640-1.1670. In the near term, the pair is likely to remain range-bound. News from the Middle East may continue to trigger bursts of volatility in the currency market.
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