EUR/USD Technical Analysis: Euro's correction looking weak, downside exposed

• Euro drooping ahead of Germany, EU Markit PMIs and US NFP mega event.
• EUR technical recovery is facing challenges from recent highs, short-term indicators heading south.
• Teetering risk sentiment sees week's end volatility to pick up on trade tensions, US trade tariffs draw vehement responses.

EUR/USD chart, 1-Hour

Spot rate: 1.1673
Relative change: 
Day's high: 1.1706
Day's low: 1.1665
Trend: Bearish

Support 1: 1.1663 (50-hour exponential moving average)
Support 2: 1.1589 (161.8% 1-Day Fibonacci level)
Support 3: 1.1509 (week's low)

Resistance 1: 1.1724 (last swing high, previous resistance, week's high)
Resistance 2: 1.1770 (1-Week R1 pivot)
Resistance 3: 1.1829 (May 22nd peak)