We think that the euro grew only due to the need from time to time to be corrected. The US currency continued to be in demand as the two-year Treasury bond yields are now in the field of multi-year highs. Amid this fact the pair EUR/USD decreased.
The pair EUR/USD consolidated above the support level of 1.0630. The price reached this level amid the low volumes then it formed a consolidation. Then there was the support level of 1.0630 breakthrough.
The price is finding the first support at 1.0550, the next one is 1.0420. The price is finding the first resistance at 1.0630, the next one is at 1.0730.
There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows a downward movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is correcting.
The sellers need to break below 1.0550 for a steady decrease. The way to the mark 1.0420 will be opened after this breakthrough.