EUR/USD Technical Analysis: The outlook remains bearish while below the 55-day SMA near 1.1230

• EUR/USD is prolonging the bounce off YTD lows near 1.1120, re-gaining over a cent and re-focusing on a potential visit to the 21-day SMA at 1.1183 in the near term.
• While below the key 55-day SMA at 1.228, spot is expected to keep the downside bias unchanged.
• A break above the short-term resistance line, today at 1.1205, should alleviate the selling pressure.

EUR/USD daily chart