EUR/USD Technical Analysis: The pair’s outlook remains bearish below 1.1380, resistance line

• The pair navigates the area just above last week’s lows in the 1.1230/25 band.
• EUR/USD failed to extend the rally beyond the 1.1320 area in past session, just ahead of the key resistance at the 200-week SMA near 1.1340.
• Further downside cannot be ruled out while below the key 6-month resistance line, today at 1.1380. That said, another visit to YTD lows in the 1.1180/70 band remains well on the cards in the short-term horizon.

EUR/USD daily chart