EUR/USD (a 4-hour chart)
Of course, the main event of the trading week will be the euro zone monetary authorities meeting on Thursday January 22. Everybody cares only the one question - the ECB incentive program options. As traders ignore the US weak inflation data, then we are dealing with the strong bearish trend and on the short-term quotations growth it is necessary to build up short positions.
The price is finding the first support at 1.1590, the next one is at 1.1520. The price is finding the first resistance at 1.1690, the next one is at 1.1770.
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 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 1.1690 may lead to a price rebound down. The potential rebound target are the support levels of 1.1520, 1.1400.