FxWirePro: EUR/USD extends weakness after failure to hold 200-DMA break, bias bearish, stay short

EUR/USD chart - Trading View 

Technical Analysis: Bias Bearish

EUR/USD has failed to hold break above 200-DMA, bias strongly bearish.

The major trades in a major bearish trend and has resumed weakness with 'Shooting Star' formation on the weekly charts.

Price action has slumped after NFP report last week buoyed the US dollar. 

The pair has broken below cloud top and 55-EMA support, scope for further downside.

Technical indicators on the daily charts are biased lower. Momentum with the bears.

Next major support lies at cloud bottom at 1.1173. Break below eyes trendline support at 1.1115.

Immediate resistance lies at 55-EMA at 1.1262. Bearish invalidation only above 200-DMA.

Data Watch:

Germany: Industrial production report for the month of May at 6:00 GMT, along with the trade balance report.

Switzerland: Forex Reserve details at 7:00 GMT.

Eurozone: Sentix investor confidence report at 8:30 GMT.

Support levels - 1.1181 (June 18 low), 1.1167 (Lower BB), 1.1115 (Trendline)

Resistance levels - 1.1262 (55-EMA), 1.1280 (21-EMA), 1.1330 (200-DMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.