EUR/USD Technical Analysis: Recent tops and the 55-day SMA keeps limiting extra gains

• EUR/USD remains bid above the 1.1200 handle although gains are still capped by the 1.1260/70 region, where converge the 55-day SMA and recent tops.
• Further consolidation is likely in the near term, although the inability to clear this initial hurdle could motivate sellers to step in once again and put the pair under downside pressure.
• In the broader picture, the negative outlook on spot stays unchanged while below the key multi-month resistance line at 1.1299. Against this backdrop, the door for another visit to 2019 lows in the 1.1100 neighbourhood remains well open.

EUR/USD daily chart