EUR/USD Price Analysis: Still room for a drop to 1.0768

• EUR/USD is extending the consolidation theme so far this week.
• The April low at 1.0768 is seen as the next noticeable support.

EUR/USD is so far reversing the pessimism seen at the beginning of the week and is posting moderate gains on Wednesday at the time of writing.

If the recovery gathers steam, then the key barrier at the 1.0990/1.1000 band will re-emerge on the horizon ahead of the critical 200-day SMA, today at 1.1046.

On the downside, recent lows in the proximity of 1.0800 align as the interim contention. This area of support is reinforced by the Fibo retracement (of the 2017-2018 rally) at 1.0814. A breach of this area is expected to put the monthly low at 1.0768 (April 6th) back on the radar.

EUR/USD daily chart