EUR/USD slides below 1.1100 as Eurozone PMI surprisingly contracts
Technical Analysis: EUR/USD drops vertically below 1.1100
EUR/USD dips below 1.1100 in European trading hours. The near-term outlook of the currency pair is expected to find interim support near the 20-day Exponential Moving Average (EMA) near 1.1090.
The outlook of the major currency pair would remain firm till it hold the breakout of the Rising Channel chart pattern formed on a daily time frame near the psychological support of 1.1000.
The 14-day Relative Strength Index (RSI) moves lower to 55, suggesting momentum is weakening
Looking up, the round-level resistance of 1.1200 will act as a major barricade for the Euro bulls. A decisive break above the same would drive the asset toward July 2023 high of 1.1276. On the downside, the psychological level of 1.1000 and the July 17 high near 1.0950 will be major support zones.
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