EUR/USD Technical Analysis: Upside could falter in the 1.1090 area, the 21-day SMA

• EUR/USD has moved further north of the 1.10 mark following Tuesday’s YTD lows in the proximity of 1.0920.
• The rebound from the ‘oversold’ condition plus USD-weakness pushed spot to the mid-1.10s, where is located the 10-day SMA. While further upside is not ruled out, the rally is expected to fail in the 1.1090 area, home of the 21-day SMA.
• Looking at the broader picture, the negative view is seen unchanged while below the short-term support line, today at 1.1137.

EUR/USD daily chart