EUR/USD flirts with 20-day SMA

EUR/USD ended the sixth consecutive trading session with a moderate loss, but the spot is still being provided with bullish momentum coming from the 20-day SMA and March-April uptrend at 1.1372. A recovery is beginning to appear is a more favourable scenario, as another support is guarding the cross at 1.1346 (monthly pivot), followed by the weekly S1 at 1.1319. We would allow for a rally up to the weekly pivot and monthly R1 at 1.1468/75 in the medium-term; however, on a daily basis EUR/USD is likely to be range bound amid lack of fundamental boosters.  

Only four percentage points continue dividing the bullish market share from the bearish one, as the latter are still maintaining a slim majority of 52% over the former.