EUR/USD Price Analysis: Decent contention appears around 0.9700

• EUR/USD triggers a knee-jerk after failing to surpass 0.9900.
• There is initial support around the 0.9700 region so far.

EUR/USD corrects lower and approaches 0.9800 after two consecutive daily advances at the beginning of the week.

In case losses accelerate, the pair should face the initial contention at last week’s lows near the 0.9700 yardstick (October 21). If cleared, then the October low at 0.9631 (October 13) could emerge on the horizon.

In the longer run, the pair’s bearish view should remain unaltered while below the 200-day SMA at 1.0529.

EUR/USD daily chart