EUR/USD Technical Analysis: Risks breaching 61.8% Fib of 1.1187 on risk-off

EUR/USD is on the defensive, having breached multi-month trading to the downside last week and the risk aversion could only bolster the bearish technical setup, sending the pair below key support at 1.1187 (61.8% Fib R of Dec. 216 low - Feb. 2018 high). 

Hourly chart

As seen above, the post-NFP bounce seems to have run its course near the resistance of the downward sloping (bearish) 50-hour moving average (MA). Also, a bear flag is seen -  a pattern which often ends up accelerating the preceding bearish move. The pair, therefore, risks falling back to Friday's low of 1.1176. 

Weekly chart

Sellers failed to penetrate 1.1187 (61.8% Fib R of Dec. 2016 low/Feb. 2018 high) last week. However, with risk aversion and bearish technical setup, that support level could be breached this week.

Trend: Bearish