EUR/USD Technical Analysis: Upside capped around 1.1250 in the near term

• The march north in EUR/USD appears to have met a tough barrier around weekly tops in the mid-1.1200s.
• This area of short-term resistance is also reinforced by the 100-day and 55-day SMAs at 1.1227 and 1.1231, respectively. It is worth mentioning that, despite the strong rebound, spot did not manage to close above this zone for the time being.
• That said, some consolidation is not ruled out in the short-term horizon, although the inability to surpass this area of resistance should prompt sellers to return to the market and force the pair to re-shift its attention to 1.1100 and below.

EUR/USD daily chart