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  • The upside momentum in EUR/USD remains so far capped by the 21-day SMA in the 1.10 neighbourhood.
  • The inability of the pair to quickly break above last week’s tops around 1.10 carries the potential to spark a consolidative move ahead of the likely resumption of the selling sentiment.
  • In addition, while below the 3-month resistance line, today at 1.1029, the bearish view is expected to remain unchanged.

EUR/USD daily chart