- EUR/USD has once again met a tough hurdle near 1.1100.
- A break below the 55-day SMA should reassert the offered bias.
Despite the recent loss of momentum, EUR/USD stays firm and continues to track the developments from the US-China trade front.
The immediate target emerges at the 1.1090/1.1100 region, where converge October and November tops. A breakout of this area of resistance should allow for a potential test of the critical 200-day SMA, today at 1.1159.
However, If sellers regain control of the market (not favoured in the very near-term), initial contention is seen around 1.1040, where is located the 55-day SMA. Below this area, the downside pressure is expected to prevail.
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