A stronger than expected the 4th quarter Eurozone GDP preliminary data supported the market’s sentiment towards the pair. The pair is also supported by the negative market’s attitude towards the dollar. The pair growth potential is limited by the ECB large-scale quantitative easing program and by the euro sales in the EUR/JPY.
Based on the medium-term trend bears are still dominant on the market. The pair rebounded downwards from the level of 1.1400.
The price is finding the first support at 1.1300, the next one is at 1.1170. The price is finding the first resistance at 1.1400, the next one is at 1.1520.
The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Golden Cross”.
The MACD indicator is in a neutral territory. The price is decreasing.
The pair can fall to the resistance level of 1.1300. After breaking 1.1300 the sellers may go to 1.1170.