EUR/USD Price Analysis: Selling pressure alleviated above 1.1390

• EUR/USD alternates gains with losses in the low-1.1300s.
• A break above the 4m resistance line exposes further recovery.

EUR/USD struggles for direction in the 1.1320/30 band on turnaround Tuesday.

If the pair manages to regain strength it should face the initial target at the 55-day SMA at 1.1364 ahead of the YTD high at 1.1386. Further up comes the 4m resistance line near the 1.1400 yardstick. The surpass of the latter should mitigate the downside pressure in the short-term horizon.

The broader negative outlook for EUR/USD is seen unchanged while below the key 200-day SMA at 1.1737.

EUR/USD daily chart