EUR/USD Technical Analysis: Corrective squeeze higher could reach the 55-day SMA near 1.1280

• The cross has reclaimed the 1.1200 barrier and is now extending the up move to the boundaries of the 21-day SMA near 1.1230.
• Further north aligns the 55-day SMA in the 1.1280 region and is considered the last defence for a test of April tops in the 1.1320/30 band.
• However, the broader bearish view is expected to remain unchanged while below the multi-month resistance line, today at 1.1332. This hurdle is reinforced by the proximity of the 100-day SMA.

EUR/USD daily chart