EUR/USD Price Analysis: Focus now shifts to the 55-day SMA near 1.10

• EUR/USD’s strong bounce stalled around the 1.1150 region.
• Immediately to the downside emerges the 1.10 neighbourhood.

EUR/USD is seeing some correction after failing to extend the multi-session rally further north of the mid-1.1100s during early trade.

The pair keeps hovering around the 200-day SMA in the 1.1080 region. A breach of this level should put the 55-day SMA in the 1.10 area back on the radar

In case bulls regain the upper hand, then a move to December’s peak at 1.1239 should start to gather some traction in the short term.

EUR/USD daily chart