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EUR/USD Technical Analysis: Upside remains capped by the 55-day SMA

FX Street
Updated:
  • After two sessions with losses, EUR/USD is now seeing some tepid recovery to the 1.1150/60 band.
  • In the meantime, a probable move lower remains well on the cards while below the key 55-day SMA in the 1.1230 region. This important hurdle is reinforced by recent failed bullish attempts.
  • The inability of the pair to regain this area of resistance in the near term (the sooner the better) should encourage sellers to return to the market on a more convincing fashion and trigger a move lower to, initially, the 1.1100 neighbourhood ahead of 2019 low at 1.1026.

EUR/USD daily chart

 

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