Looking at EUR/USD Chart, we can see after reaching the 1.144 level, it went all downhill from thereon. It systematically struggled to form support multiple times, at 1.142 level, at 1.134 level, and more recently at the 1.13 which now acts as support temporarily. However, the downward pressure seems to smooth out, as the retractions appear to be diminishing in effect. It is currently found trading at 1.1325 with the closest overhead resistance found at 1.1365 level and the closest support at 1.13.
Today we could expect a move towards the 1.136 range close to the resistance of 1.1365.
If however, it does not manage to consolidate or hold above the 1.133 range then a move towards and below the temporary support of 1.13 could be expected.
(Click on image to enlarge)
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