EUR/USD Technical Analysis: The bull run is seen testing the 200-day SMA in the near term

• The upside momentum in the pair remains well in place so far this week, extending the rebound from May’s lows to the 1.1340 region, where sits the 50% Fibo retracement of the 2019 drop.
• The recent break above the multi-monht resistance line in the 1.1270 region has mitigated the downside pressure, fuelling further the up move.
• That said, the door remains open for a visit to the critical 200-day SMA at 1.1364, regarded as the last defence for a test of the mid-1.1400s, March’s peaks.

EUR/USD daily chart