EUR/USD (a 4-hour chart)
The greenback continued to pressure its main competitors first half of the week - the dollar index basket (USDX) closed the trades at the mark of 94.97. The US dollar is supported by the US API crude oil reserves and the building permits number. The single European currency is still under pressure in the run-up to the ECB meeting.
The pair is showing a downward correction. The decrease was stopped at the level of 1.1325.
The first support is at the level of 1.1325, the second one is at the level of 1.1260. The resistance is at the level of 1.1410, the next one is at the level of 1.1530.
We have a weak buy signal. The price is in the Cloud now and it is under the Chinkou Span. The Tenkan-sen is crossing Kijun-sen downwards; the Kijun-sen shows a horizontal movement. We have a “Dead Cross” signal.
The MACD indicator is in a negative territory. The histogram is decreasing.
If the pair keeps falling we expect the level of 1.1260 to be reach soon. Shall the EUR/USD return to the growth it will go to the level 1.1410.