EUR/USD Technical Analysis: Outlook stays bearish below the 5-month resistance line at 1.1412

• EUR/USD remains on the defensive today, putting the 1.1300 support under further pressure on the back of miserable prints from PMIs in core Euroland.
• The probable test of YTD lows in the 1.1180/75 band remains well on the cards as long as the 5-month resistance line, today at 1.1412, caps the upside.
• On the upside, spot needs to clear the area of recent tops beyond 1.1400 the figure to allow for a potential move to the 1.1500 neighbourhood and beyond.

EUR/USD daily chart