EUR/USD Technical Analysis: recovery could extend to the 100-day SMA at 1.1128

• EUR/USD is rebounding from recent lows in the 1.1070 region after two consecutive daily pullbacks.
• Despite the ongoing recovery, Thursday’s bearish ‘outside day’ remains well in place and still points to further losses in the near term.
• That said, a deeper pullback should see the 55-day SMA at 1.1042 retested. This area of support is reinforced by the proximity of the 21-day SMA, today at 1.1036.
• On the upside, the 100-day SMA at 1.1128 emerges as the initial target.

EUR/USD daily chart