EUR/USD Price Analysis: Bottomed out at 1.0780?

• EUR/USD is now attempting to extend the rebound from YTD lows.
• Rallies are seen struggling initially in the 1.0885/90 band.

EUR/USD has managed to regain some traction after recording fresh 2020 lows in the 1.0780 region earlier in the week.

In the meantime, extreme “oversold” conditions, as per the RSI indicator, could spark occasional bouts of strength that should face initial hurdle in the 1.0890 region, where sits a Fibo retracement of the 2020 drop and the October 2019 low.

On the broader scenario, the bearish view remains unchanged as long as the spot trades below the 55-day SMA, today at 1.1050.

EUR/USD daily chart