EUR/USD Technical Analysis: Upside remains capped by the vicinity of 1.1100

• EUR/USD’s weekly advance lost traction in the vicinity of the 1.1100 handle.
• Inability of the pair to overcome recent tops could spark some correction.

EUR/USD continues to fade the initial optimism and is now under pressure after being rejected from weekly highs in the boundaries of the 1.11 mark on Thursday.

Weekly highs are also reinforced by the 100-day SMA, today at 1.1086. Ideally, spot should surpass this area in the short-term horizon in order to open the door for extra gains.

On the opposite side, if sellers regain the upper hand, another visit to the key support near 1.1040 should return to the radar. A breakdown of this important area of contention, should reassert the downside bias.