EUR/USD Technical Analysis: Rally seen surpassing 1.1180 and testing the 200-day SMA

• EUR/USD is prolonging the recovery so far this week and is now trading at shouting distance from monthly peaks near 1.1180.
• A break above this area should put the critical 200-day SMA just below 1.1200 the figure back on the radar.
• On the broader view, while above recent lows in the 1.1070 region, the short-term outlook on the pair is expected to remain positive. This area is also reinforced by the proximity of the 55-day SMA in the 1.1040 zone.

EUR/USD daily chart