EUR/USD Technical Analysis: The pair is eroding the multi-month support line in the 1.1280 area

• Following Wednesday’s bearish ‘outside day’, EUR/USD came under pressure and is now re-testing the key multi-month support line and the 100-day SMA in the 1.1270/80 band.
• In case bulls regain the upper hand, recent tops in the mid-1.1300s should be back on the radar ahead of the more relevant 200-day SMA in the 1.1360/65 band.
• If the downside pressure intensifies, the 55-day and 21-day SMAs in the 1.1220 zone should offer initial contention.

EUR/USD daily chart