EUR/USD (a 4-hour chart)
The news that Germany's central bank is ready to support ECB easing monetary policy triggered a euro sharp drop in yesterday's trading. Probably, it was met as a surprise because the Bundesbank has long opposed the emergency measures adoption and agrees to support any set measures to stimulate the economy (although the assets direct purchase prospect, i.e. quantitative easing still considered by Bundesbank as unacceptable) including the negative interest rates on bank deposits, indicates the Eurozone situation seriousness. This fundamental plan also pressed down the single currency popularity - the German ZEW institute report pointed to economic expectations index fall more than expected in May.
The support is 1.3610. The first resistance is 1.3710, the next one is 1.3760.
There is a confirmed and strong sell signal. The price is under the Cloud and it is under the Chinkou Span.
The downtrend movement will be until the price is under the Kijun-Sen.
The MACD is pointing down, indicating the current downtrend movement.
Buyers need to consolidate in the rising trend line 1.3690 and support level 1.3680 to save upward trend. The potential upside target will be the resistance level 1.3800.