EUR/USD Technical Analysis: Further downside expected at the 1.1220/15 band

• EUR/USD managed to break above the critical 1.1300 the figure on Wednesday, although the up move was short-lived, sparking a subsequent correction lower to the 1.1220 region.
• Further downside should meet initial contention in the 1.1220 region, where emerge the 55-day SMA and a Fibo retracement of the 2019 drop.
• In the meantime, the 2018-2019 resistance line and another Fibo retracement continues to cap the upside. Above this area, downside pressure should be alleviated.

EUR/USD daily chart