EUR/USD Technical Analysis: Scope for another test of 2019 lows near 1.1100

• EUR/USD comes under further downside pressure at the beginning of the week on the re-emergence of US-China trade concerns and the subsequent pick up in the risk aversion.
• Immediately to the upside aligns last week’s tops in the 1.1270/80 band along with the 55-day SMA. Spot needs to clear this hurdle in order to mitigate the downside pressure somewhat.
• Looking at the broader picture, the negative bias should remain intact below the multi-month resistance line, today near 1.1320. That said, another test of YTD lows in the 1.1100 neighbourhood remains well on the cards.

EUR/USD daily chart