The Euro corrected against the US dollar. The picture is controversial now. Here are the reasons why.
On 1D TF there is a divergence between the chart and MACD histogram. MACD lines almost intersect each other, giving the signal to buy. Parabolic SAR is close to the chart. On the other hand, the pair is next to the trend line, which is heading down. The 200-EMA is heading down as well, which confirms the bearish trend.
On the lower 4H TF the pair tested 200-EMA. The MACD started to reverse, while the Williams %R gave the signal to sell. The pair reached the correction 61,8% Fibo level (1,1328).
Summary: on lower time frames it’s better to think of short positions. The first target down is 1,1300, after that 1,1270. If the pair breaks the level 1,1345 up it will be better to reverse positions up with the possible target 1,1370.
We recommend to pay attention to the consumers’ inflation in Eurozone that is published on Friday and the US job openings. These two pieces of news could definitely have an impact on the pair.