EUR/USD (a 4-hour chart)
The US Treasury two-year bond yields is once again demonstrating growth that supports the demand for the US dollar. Investors are still pessimistic about the European assets in the bond market: the German 10-year government bonds are reducing relative to their US and the UK counterparts. The number of the US initial jobless claims report was published. The report showed the number that coincides with the forecast - 271K.
The price is finding the first support at 1.0630, the next one is 1.0550. The price is finding the first resistance at 1.0730, the next one is at 1.0800.
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 and form a “Dead Cross”. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is correcting.
The approach to the level of 1.0730 may lead to a price rebound down. The potential rebound targets are the support levels of 1.0630, 1.0550.