EUR/USD Technical Analysis: Struggles to defend 200-hour SMA ahead of EZ PMI
• The pair extended overnight retracement slide from a descending trend-line resistance, forming a part of a descending triangle on the daily chart.
• A follow-through slide below 200-hour SMA further aggravated the selling bias in the past hour or so, albeit downside remained limited ahead of flash EZ PMIs.
• With technical indicators on the 1-hourly chart gradually gaining negative momentum, any up-move might now be looked upon as an opportunity to sell.
EUR/USD 1-hourly chart
Spot rate: 1.1676
Daily High: 1.1702
Daily Low: 1.1655
Trend: Bearish
Resistance
R1: 1.1702 (current day swing high)
R2: 1.1742 (50-day SMA)
R3: 1.1791 (monthly tops set on July 9)
Support
S1: 1.1655 (current day swing low)
S2: 1.1635 (horizontal zone)
S3: 1.1598 (S3 daily pivot-point)