EUR/USD Price Analysis: Technical rebound seen as short lived

• EUR/USD regains the 1.0900 mark and beyond on Tuesday.
• Temporary hurdle comes at the 10-day SMA near 1.1100.

EUR/USD manages to regain some upside traction and reclaims the area above the 1.0900 yardstick on Tuesday.

The ongoing rebound is deemed as technical following recent oversold levels and carries the potential to extend to the 10-day SMA at 1.1098, where it should struggle to advance further. Looking at the broader picture, there is the palpable risk for the continuation of the downtrend in the near-term horizon. That said, if spot breaches the so far 2022 low at 1.0805 (March 7) then there are no support levels of significance until the 1.0770 region, where the May 2020 are located (May 7,14).

The negative outlook for EUR/USD is expected to remain unchanged while below the key 200-day SMA, today at 1.1577.

EUR/USD daily chart