EUR/USD (a 4-hour chart)
The euro remains under pressure. The published German inflation data fulfilled the analysts' forecasts and it was completely ignored by the market. Thus, the producer price index fell by 0.1% m/m and 0.8% y/y in August.
The level of 1.2930 retesting was followed by a price drop back below against the increased volume. The channel upper limit rebound allowed the sellers to break and consolidate below the support level of 1.2850.
The price is finding the first support at 1.2790, the next one is at 1.2730. The price is finding the first resistance at 1.2850, the next one is at 1.2930.
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 downward 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 downward movement will be continued. The pair may go to 1.2790 soon.