On Wednesday, Euro fell to $1.1263, the lowest level since last July. Eurozone inflation hit 4.1%, the highest level in several years. The fall of US dollar eased the decline of Euro. Thanks to the strong US retail sales data, America’s hawkish stance and Euro’s dovish stance becomes a sharp contrast.
From a technical perspective, Euro’s daily candle reached bottom position and formed a doji pattern. The moving average moved downwards. MACD accelerated downward and shows bearish sign. On the 4- hours chart, EURUSD shows formation of the ladder bottom pattern. RSI stopped falling and there was a certain signs of rebound. Overall, prioritise operation within the fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point is near 1.1300.
Resistance：1.1340-1.1370-1.1400
Support：1.1300-1.1260-1.1220
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