EUR/USD Technical Analysis: Flirting with bearish flag pattern support, just below mid-1.1200s
• The pair continued with its struggle to make it through the 1.1250-60 supply zone and has now dropped to the lower end of a short-term ascending trend-channel formation on the 1-hourly chart.
• Given the recent slide from the 1.1325-30 hurdle, the mentioned channel constituted towards the formation of a bearish continuation flag chart pattern and points to further near-term downside.
• Technical indicators on hourly/daily charts remained in the negative territory and add credence to the bearish set-up, though traders are likely to wait for a confirmation before placing aggressive bets.
• Below the pattern support, the pair is likely to accelerate the slide towards the 1.1200 handle en-route YTD lows, around the 1.1185-75 region before eventually dropping to test the 1.1100 mark.
EUR/USD 1-hourly chart