EUR/USD is currently trading above the descending regression channel coming from November 9. In case sellers fail to bring the pair back within that channel, additional recovery gains could be witnessed.
1.1340 (static level) aligns as initial resistance before the 1.1350/60 area (static level, 20-period SMA). With a daily close above the latter, EUR/USD could target 1.1400 in the near term.
On the upside, 1.1300 (psychological level, descending regression channel) could be seen as the first support ahead of 1.1260 (16-month low) and 1.1200 (psychological level).
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