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EUR/USD Technical Analysis: Confirms a near-term bearish breakdown on dismal Euro-zone PMIs

   •  After repeated failures near the 1.1320-30 region, the pair came under some renewed selling pressure on Thursday and tumbled to fresh weekly on dismal Euro-zone PMI prints.

   •  The negative momentum dragged the pair below 200-hour SMA and the lower end of a short-term ascending trend-channel formation, confirming a near-term bearish breakdown.

   •  Oscillators have been gaining negative traction on 4-hourly/daily charts but are already pointing to slightly oversold conditions on the 1-hourly charts, warranting some consolidation.

   •  However, the set-up now seems to have turned firmly in favor of bearish traders and hence, a follow-through weakness, towards testing the 1.1200 mark, remains a distinct possibility.

EUR/USD 1-hourly chart

 

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