EUR/USD Price Analysis: The decline now looks to the 55-day SMA

• EUR/USD remains under pressure and approaches the 200-day SMA.
• Further south emerges the 55-day SMA in the 1.1060 area.

EUR/USD remains well on the defensive so far this week and is now trading at shouting distance from the critical 200-day SMA in the 1.1100 zone.

Another break below this level should accelerate losses to the 55-day SMA in the 1.1055/60 band.

Looking at the broader picture, the outlook on the spot stays bullish while above the 55-day SMA, today at 1.1057.

EUR/USD daily chart