EUR/USD Technical Analysis: The corrective upside could test 1.1040

• EUR/USD keeps supported at the 1.0990 region so far this week.
• Above the 55-day at 1.1040, the downside pressure is expected to alleviate.

EUR/USD has managed to rebound from the key support area around 1.0990.

The ongoing recovery could extend to the key 55-day SMA near 1.1040. Above this level, the downside pressure should mitigate somewhat and allow for a potential test of the 100-day SMA at 1.1076 ahead of last week’s highs in 1.1095/1.1100 band.

If the pair clears 1.10, then the 1.0990 region should offer interim support ahead of the more relevant 1.0930 zone. If the selling impetus picks up pace, then a move to 2019 low at 1.0879 should not be ruled out.