Any two-qubit state can be faithfully represented by a steering ellipsoid inside the Bloch sphere, but not every ellipsoid inside the Bloch sphere corresponds to a two-qubit state. We give necessary and sufficient conditions for when the geometric data describe a physical state and investigate maximal volume ellipsoids lying on the physical-unphysical boundary. We derive monogamy relations for steering that are strictly stronger than the Coffman?Kundu?Wootters (CKW) inequality for monogamy of concurrence. The CKW result is thus found to follow from the simple perspective of steering ellipsoid geometry. Remarkably, we can also use steering ellipsoids to derive non-trivial results in classical Euclidean geometry, extending Euler?s inequality for the circumradius and inradius of a triangle.