EUR/USD Technical Analysis: Upside limited by the 55-day SMA in the 1.1230 zone

• EUR/USD is recovering ground lost following Tuesday’s moderate pullback to the 1.1170 area, where sits the 21-day SMA.
• Occasional bullish attempts remain so far capped by the 55-day SMA around 1.1230 ahead of the more relevant monthly highs near 1.1250 (August 6).
• The inability of the pair to regain this area of resistance in the near term (the sooner the better) should encourage sellers to return to the market on a more convincing fashion and trigger a move lower to, initially, the 1.1100 neighbourhood ahead of 2019 lows near 1.1020.

EUR/USD daily chart