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    EUR/USD turns negative, drops back to 1.1100 important 200-DMA support Haresh Menghani

    The EUR/USD pair erased its early Asian session gains to 1.1144 and extended its slide further into negative territory to currently trade hover just above 200-day SMA support near 1.1100 region.Adding to the already weak sentiment surrounding the EUR/USD major, the Euro-zone Sentix Investor Confidence for July came-in at 1.7, way below consensus forecast anticipating a reading of 8.1. Earlier during the day, a broadly weaker US Dollar assisted the pair to extend its consolidation above 1.1100 level amid thin market liquidity conditions led by a holiday in the US markets in observance of Independence Day. Technical levels to watchBelow 1.1100, the pair is likely to extend its weakening trend towards a short-term ascending trend-line support near 1.1070 area. A convincing break below the ascending trend-channel support now seems to pave way for resumption of the pair's previous depreciating move that could drag the pair immediately towards 1.1000 psychological mark support.Meanwhile on the upside, momentum above 1.1145-50 immediate resistance seems to boost the pair towards the trend-channel resistance near 1.1180-85 region, which if conquered decisively seems to assist the pair to register additional near-term recovery, possibly beyond 1.1200 handle, towards its next major resistance near 1.1250-60 area.

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