EUR/USD Technical Analysis: Another failure at the 1.1280 area should spark some correction lower

• The pair bounced off the 1.1200 area on Thursday, although the sharp up move once again run out of steam in the 1.1280/90 band, where sit last week’s peaks and the 21-day SMA.
• Another failure to break above this area of resistance on a sustainable fashion has opened the door to extra pullbacks and a potential re-test of the 1.1200 neighbourhood… and below.
• In the broader picture, the downside pressure stays unchanged while below the critical 200-day SMA, today at 1.1317.

EUR/USD daily chart