EUR/USD Technical Analysis: Remains bearish below the 55-day SMA near 1.1040

• EUR/USD sticks to the sideline theme just above the 1.10 mark.
• The 1.0990 region holds the downside for the time being.

EUR/USD, in the meantime, keeps the narrow trading range in the low-1.1000s for the time being.

Immediately above emerges the key 55-day SMA near 1.1040. While below this area, the bearish note on the pair is expected to persist. That said, a breach of 1.10/1.0990 should open the door for a potential test of the 1.0930 region ahead of the 2019 low at 1.0879.

On the flip side, if the 55-day SMA is cleared on a sustainable fashion, the downside pressure is expected to mitigate somewhat and allow for a move to the 100-day SMA near 1.1070.