• EUR/USD flirts with the 5-month line near 1.1370.
• The next up barrier comes at the weekly high at 1.1395.

EUR/USD fades the initial spike to the 1.1390 region on Monday.

Extra gains in the pair needs to clear the 5-month line near 1.1370 to alleviate downside pressure and allow for another test of the weekly high at 1.1395 (February 14). Further up is seen the 200-week SMA at 1.1487 closely followed by the 2022 peak at 1.1494 (February 10).

In the longer run, EUR/USD is expected to keep the negative outlook as long as it trades below the key 200-day SMA, today at 1.1637.

EUR/USD daily chart