EUR/USD Price Analysis: Recovery targets the 1.1120 zone

• EUR/USD looks firm and rebounds to the proximity of 1.1000.
• Immediately to the upside aligns the weekly low at 1.1121.

EUR/USD gathers some upside traction and bounces off earlier lows in the 1.0900 neighbourhood on Monday.

In case bulls regain the upper hand, then EUR/USD could extend the rebound to the weekly top at 1.1121 (March 10) prior to the interim barrier at the 20-day SMA at 1.1146. The selling pressure is seen alleviated once the pair clears the 6-month resistance line, today around 1.1300.

The negative outlook for EUR/USD is expected to remain unchanged while below the key 200-day SMA, today at 1.1553.

EUR/USD daily chart