EUR/USD (a 4-hour chart)
The Michigan University negative release suggests that Americans are inclined to save more than spend and this is a negative factor for the economy.
In the light of this the US the Germany negative bond yields continued to decline which supports the demand for the euro. Moreover, the Germany and the UK bond yields also significantly declined which would contribute to the pair EUR/GBP cross-rate growth and may also support the euro against the dollar.
The upward trend is still preserved despite the divergence formation on the trading volumes. Having broken through the resistance level of 1.1260, the price tested the level of 1.1450. Then the pair rebounded downwards.
The price is finding the first support at 1.1260, the next one is 1.1150. The price is finding the first resistance at 1.1450, the next one is at 1.1675.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is correcting.
The potential decrease targets are two levels of support: 1.1260, 1.1150.