EUR/USD Technical Analysis: Spot is eroding the 55-day SMA near 1.1240

• EUR/USD has come under some selling pressure and is now challenging the key 55-day SMA at 1.1243.
• Further downside emerges monthly lows near 1.1193. Together with mid-June low at 1.1181 and March low at 1.1176 represent a tough area of contention, which should hold the downside in the near term.
• While below the key 200-day SMA at 1.1321, the pair’s outlook should remain negative.

EUR/USD daily chart