EUR/USD Price Analysis: Looks neutral/bearish near term

• EUR/USD could not sustain the uptick beyond 1.0770.
• Next on the downside emerges the June low around 1.0630.

EUR/USD’s ECB-induced bullish attempt ran out of steam in the 1.0770 region on Thursday.

The inability of spot to surpass the 4-month resistance line near 1.0740 carries the potential to spark a corrective leg lower sooner rather than later. That said, there is an initial support at the so far June low at 1.0627 (June 1).

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.1209.

EUR/USD daily chart