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  • EUR/USD is struggling for direction on Monday following the recovery seen during the second half of last week, although the up move met sellers just beyond 1.1200 the figure earlier today.
  • On the upside, spot needs to clear the 55-day SMA at 1.1235 to alleviate downside pressure. This area is considered the last defence of a test of monthly peaks near 1.1270.
  • The broader scenario, however, remains bearish while below the multi-month resistance line at 1.1273.

EUR/USD daily chart