EUR/USD Price Analysis: Room for further decline near term

• EUR/USD extends the inconclusive price action around 1.0500.
• A visit to the YTD low at 1.0470 should not be ruled out .

EUR/USD trades within a tight range in a context dominated by pre-FOMC cautiousness among investors.

The offered stance in the pair remains well and sound and the door stays open to another probable visit to the YTD low around 1.0470 (April 28) sooner rather than later. The breach of the latter should put the pair en route to a potential visit to the 2017 low at 1.0340 (April 21).

In the meantime, while below the 3-month line around 1.0970, extra losses in the pair are likely.

EUR/USD daily chart