Technical Analysis: A six-week-old support line gains EURUSD sellers' attention
Despite bouncing off the short-term key support line the previous day, EURUSD stays pressured near the important rest-point around 1.1200. Considering the pair's recently sluggish momentum, coupled with increasing odds of the US dollar's further recovery, the pair is expected to slip beneath the ascending trend line stretched from May 14. Following that 200-bar SMA level of 1.1110 will be on the bears' radars ahead of 50% Fibonacci retracement level of 1.1095. It should, however, be noted that the quote's additional weakness past-1.1095 makes it vulnerable to attack 1.1000 threshold.
On the contrary, a 23.6% Fibonacci retracement level near 1.1270 can offer immediate resistance during the pair's bounce. Should buyers manage to regain footing above 1.1270, the weekly top near 1.1350 and June 05 high close to 1.1380 might offer halts before pushing the bulls towards the monthly top near 1.1420.