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  • The pair is surrendering some gains following last week’s breakout of the 1.1200 handle and failed attempt to surpass the 1.1260/70 band, which continues to cap the upside.
  • In this band converges recent peaks and the key 55-day SMA. Above this area, the selling interest is expected to mitigate somewhat.
  • Furthermore, the offered bias is seen unchanged below the key multi-month resistance line at 1.1299. Against this backdrop, another visit to 2019 lows in the 1.1100 neighbourhood stays well on the cards.

EUR/USD daily chart