EUR/USD (a 4-hour chart)
Germany came into deflation and now the euro bulls remained without support. Today it is difficult to expect surprises from the Eurozone CPI release. Last week the ECB President Mario Draghi signaled about the risk balance for the first quarter of 2015 shifted towards the negative direction.
The euro corrective rise from the support level of 1.1170 turned into the flat framework of 1.1385 - 1.1275. The trade is at the low volumes, still the pair is heading towards the downward channel.
The price is finding the first support at 1.1170, the next one is at 1.1040. The price is finding the first resistance at 1.1300, the next one is at 1.1400.
There is a confirmed and a weak sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is consolidating.
The approach to the level of 1.1400 may lead to a price rebound down. The potential rebound target is the support levels of 1.1170, 1.1040.