EUR/USD Technical Analysis: Fade the rallies below the 200-day SMA at 1.1320

• EUR/USD has managed well to bounce off recent lows in the proximity of 1.1200 the figure, retaking the 1.1240/50 band for the time being.
• Immediately to the upside emerge the 1.1280/90 band, home of recent peaks and the 21-day SMA.
• Above this area of initial resistance lies the key 200-day SMA at 1.1319. As long as it caps the upside, a new visit to the 1.1181/76 band should not be ruled out.

EUR/USD daily chart