EUR/USD (a 4-hour chart)
The euro zone will publish the revised December inflation data. There are no prerequisites for the report revision for its improvement - in December oil finished the trades at the low levels, the economy lending in the Europe is still very weak.
The level breakthrough of 1.1770 was amid the increased volume that is a good signal towards the growing sellers’ power.
The price decline was stopped at the mark of 1.1590 for awhile. This support was broken down and the price tested the support level of 1.1520.
The price is finding the first support at 1.1520, the next one is at 1.1400. The price is finding the first resistance at 1.1590, the next one is at 1.1690.
There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows 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 decreasing.
The potential growth target is the resistance level of 1.1770.