EUR/USD Technical Analysis: The 200-day SMA near 1.1370 still caps the upside

• EUR/USD is reversing Tuesday’s negative price action although it manages well to keep business above the critical 1.1300 the figure for the time being.
• Downside pressure now appears mitigated following the recent breakout of the multi-month resistance line near 1.1280 and a probable visit to the key 200-day SMA at 1.1365 now looks likely in the short-term horizon.
• When and if this area of resistance is cleared, a potential move to March’s peaks in the mid-1.1400s should return to the radar.

EUR/USD daily chart