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  • The pair is prolonging the upside momentum and looks to consolidate above the critical 1.1200 barrier.
  • The initial hurdle of relevance emerges in the 1.1270 region, coincident with last week’s tops and the 55-day SMA. The downside pressure is expected to mitigate above this region.
  • Looking at the broader picture, another move lower to the 1.1100 neighbourhood remains on the cards as long as the multi-month resistance line, today at 1.1317, caps the upside.

EUR/USD daily chart