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    EUR/USD continues to struggle below 200-DMA, slides to 1.1075 Haresh Menghani

    Despite of Wednesday's swift recovery from lower levels, the EUR/USD pair continued with its struggle in building on to its strength above 200-day SMA region and has now dropped back below 1.1100 handle to currently trade at session low level, around 1.1075-80 band.On Wednesday, the pair remained weak during European trading session on the back of Brexit-led economic uncertainty that triggered a wave of global risk-off trade. Moreover, surprisingly strong-than-expected US ISM non-manufacturing PMI data added to the selling pressure on the shared currency and dragged the EUR/USD major to 1.1035-30 support area. The pair, however, managed to recover and moved back to 1.1100 handle after the release dovish minutes from the FOMC meeting held on June 14-15. The recovery remained short-lived and the pair is trading weak on Thursday amid cautiousness over the potential economic fallout from last month's Brexit vote. Moving ahead, traders will look forward to today's release of ECB Monetary Policy Meeting Accounts and US weekly jobless claims data for short-term momentum play. However, main focus would be on Friday's NFP data, which would determine the pair's near-term trajectory.Technical levels to watchOn the downside, 1.1030 area remains immediate support to watch for, which if broken has the potential to drag the pair below 1.1000 psychological mark, towards testing 1.0950-40 support area. On the flip side, sustained strength above 200-day SMA resistance near 1.1100 handle, leading to momentum above 1.1150, is likely to boost the pair back above 1.1200 resistance.


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