EUR/USD Technical Analysis: Rebound faces initial hurdle at 1.1046, the 10-day SMA

• EUR/USD is rebounding from Tuesday’s new YTD low at 1.0925 and approaches the psychological 1.10 handle.
• The bounce off the ‘oversold’ condition could see the 1.10 area surpassed, opening the door for a test of the 10-day SMA at 1.1046, where the upside is expected to falter.
• Looking at the broader picture, the negative view is seen unchanged while below the short-term support line, today at 1.1143.

EUR/USD daily chart