EUR/USD (a 4-hour chart)
The dollar reversed its losses against the majors getting support from positive New Home Sales release.
The euro continued moving lower and remained inside the bearish channel. The session low was marked at 1.0977. Now the EUR/USD is approaching the local support level of 1.0950. The resistance is seen at 1.1000, the support stands at 1.0900.
MACD is in the negative area. The histogram decreased which indicates the sellers’ strength. RSI is neutral.
The trading instrument broke the 50 and 100 Day EMAs and was rejected downwards by the 200-EMA in the 1 hour chart. The price returned below the 100-EMA and remained there. Now the price is sandwiched between the 50 and 100 Day EMAs in the 1 hour chart. The Moving Averages are trending downwards which is a sell signal.
As long as market is below 1.1000 the pair will tend to move towards 1.0900.