EUR/USD Technical Analysis: Bearish continuation pattern spotted on hourly charts, NFP in focus

   •  The pair struggled to capitalize on this week's attempted recovery move from sub-1.1200 level and has been oscillating in a narrowing trading band over the past 24-hours or so.

   •  The downside has been finding some support near a short-term ascending trend-line, while upticks remain capped by another descending trend-line extending from March 27 swing highs.

   •  Against the backdrop of the recent downfall, the combination of two converging trend-lines constituted towards the formation of a bearish continuation pennant chart pattern on hourly charts.

   •  Meanwhile, neutral technical indicators on hourly charts haven't been supportive of a firm intraday direction but maintained their bearish bias on the daily chart, suggesting further downside.

   •  A convincing break through the pennant support will reinforce the bearish bias and turn the pair vulnerable to accelerate the fall back towards challenging YTD lows, around the 1.1175 region.

EUR/USD 1-hourly chart