FxWirePro: EUR/USD fails to hold above 200-DMA, stay short on break below 55-EMA
EUR/USD is extending weakness for the 2nd straight session, bias is bearish.
Eurozone inflation data which printed inline with expectations failed to rescue the EUR bulls.
The pair was trading 0.23% lower at 1.1110 at 11:40 GMT, after closing 0.12% lower in the previous session.
Failure of price action to hold break above 200-DMA has dented scope for further gains.
The pair is currently holding support at 55-EMA at 1.1107. Break below will see downside.
Next major support lies at 20W MA at 1.1070. Further weakness will see dip till 1.1050 (trendline).
Support: 1.1107 (55-EMA); Resistance: 1.1136 (200-DMA)
Recommendation: Good to go short on break below 55-EMA (1.1107), SL: 1.1140, TP: 1.1070/ 1.1050