• EUR/USD bullish correction has started to decelerate at resistance and there are prospects of a move lower.
• EUR/USD bears eye 1.0905 as the first structural horizontal support that guards the 1.0880s support.

EUR/USD has traded between a low of 1.0887 and a high of 1.0920 on the day so far, correcting from the lows but well below the six-week peak of 1.100 touched on June 22. The potential economic consequences of higher interest rates within the Eurozone have trumped the hawkish tilt at the European Central Bank following the recently released PMI data from Friday that showed a notable deceleration in private sector growth across the Eurozone in June. Technically, the following illustrates a bearish bias while below the key resistance structure.