EUR/USD Technical Analysis: the bearish ‘outside day’ adds downside pressure to the pair

• EUR/USD is partially reversing Thursday’s pullback following auspicious results from the German IFO earlier in the session.
• However, Thursday’s bearish ‘outside day’ hints at the likeliness that a deeper pullback lies ahead for the pair, with increasing bets of another visit to the 55-day SMA in the mid-1.10s in the short-term horizon.
• On the other hand, if buyers regain control, the immediate resistance is located at monthly tops near 1.1180 (Monday) ahead of the 200-day SMA just above 1.1200 the figure.

EUR/USD daily chart