The near-term technical outlook shows that the pair stays in a consolidation phase with the Relative Strength Index (RSI) indicator on the four-hour chart moving sideways around 50. However, EUR/USD stays below the 20, 50, 100 and 200-period SMAs on the same chart, suggesting that buyers show no interest in the euro for the time being.
On the upside, 1.1600 (psychological level, 100-period SMA) now aligns as the first resistance ahead of 1.1620/30 area (Fibonacci 23.6% retracement of September downtrend, 200-period SMA) and 1.1670 (Fibonacci 38.2% retracement).
1.1580 (static level) is acting as interim support before the pair can target 1.1550 (static level) and 1.1525 (2021 low).
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