EUR/USD Technical Analysis: Recovery could test the 55-day SMA at 1.1220

• EUR/USD has regained extra buying interest following last week’s lows in the 1.1120/15 band.
• The squeeze higher in the pair has been exclusively on the back of USD-weakness and could extend to, initially, the key 55-day SMA at 1.1220 in the short-term horizon.
• However, as long the multi-month resistance line, today at 1.1253, caps the upside, the underlying bearish view on spot should remain unchanged.

EUR/USD daily chart