EUR/USD Technical Analysis: Rising odds for a retest of 1.10 and below

• EUR/USD remains under pressure and eyes a probable move to 1.10.
• Last week’s tops near 1.1100 continues to cap the upside.

EUR/USD has faded the move to daily highs beyond 1.1030 and is now seems to be re-shifting the focus to the 1.1000 neighbourhood.

Initial resistance is seen at the 55-day SMA in the 1.1040 region. Above this level, the downside pressure should mitigate somewhat and allow for a potential test of last week’s highs in levels just shy of the 1.1100 mark.

On the opposite side, if sellers regain the upper hand, another visit to the psychological support at 1.1000 should come to the fore. A breakdown of this important area of contention, should reassert the downside bias.