EUR/USD has retreated steadily after failing to break above the top of its multi-month range, with the pair now testing the 200-DMA. 1. While a short-term bounce is possible, resistance near 1.1700 may limit upside and keep focus on deeper supports around 1.1535 and 1.1490, Société Générale's FX analysts note.

EUR/USD fails at range top, downtrend risk grows

"EUR/USD has experienced a steady pullback after failing to break above the upper boundary of its multi‑month range near 1.1800/1.1830. It is now at the 200‑DMA. A brief rebound cannot be ruled out; however, the recent pivot high at 1.1700 is likely to cap upside."

"Failure to cross this hurdle could lead to continuation in downtrend. The next potential supports are located at the ascending trend line drawn from August 2025 near 1.1535, followed by the last November trough at 1.1490/1.1470."