EUR/USD (a 4-hour chart)
The ECB announced all key milestones and now we can expect the moderate euro quotations decline before the Federal Reserve meeting on January 28. The Eurozone manufacturing sector business activity index rose to the level of 51 in January compared to 50.6 in December. These data coincided with economists' forecasts.
The rebound from the upper channel bound of 1.1590 was on the increased volume and enabled sellers to break through the support levels of 1.1520, 1.1400 and 1.1300.
The price is finding the first support at 1.1170, the next one is at 1.1040. The price is finding the first resistance at 1.1300, the next one is at 1.1400.
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 decreasing.
The downward movement will be continued. The pair may go to 1.1040 and 1.0925 soon.