EUR/USD Technical Analysis: Consolidation likely ahead of extra losses

• EUR/USD remains under the microscope near the 1.10 area.
• Immediate target is located at the 55-day SMA around 1.1040.

EUR/USD keeps navigating the lower bound of the recent range near the key support at 1.10 the figure.

Key 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 1.1095/1.1100 band.

On the opposite side, a breakdown of this important area of contention on a sustainable fashion should reassert the downside bias and allow for a deeper move to 2019 low at 1.0879.