EUR/USD (a 4-hour chart)
We expect the downward trend development. The first March German important inflation report will be published this week. It will be the first CPI assessment which traditionally causes high traders’ reaction.
The retail sales and durable goods negative data with the Michigan Institute consumer confidence indicator decrease point out to the Core PCE weak data output. In this regard, the US dollar will be under pressure as this indicator reflects the state of demand in the country.
The price is finding the first support at 1.0790, the next one is at 1.0670. The price is finding the first resistance at 1.0925, the next one is at 1.1050.
The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement.
The MACD indicator is in a neutral territory. The price is falling.
The sellers need to break below 1.0790 for a steady decrease. The way to the mark 1.0670 will be opened after this breakthrough. After fixing below the level of 1.0670, the level 1.0550 will become the next target.