The dollar is strong due to the latest J.Yellen’s comments about growing possibility of the Fed rate hike.
The pair traded near the fresh lows on Tuesday. The price stayed below the broken 200-EMA and the current support at 1.1150 in the 4 hours chart. Traders were inactive ahead of the upcoming statistics in the USA. The 200-EMA is neutral while the 50 and 100 Day EMAs are turning down. In the 1 hour chart the 50, 100 and 200 EMAs present a strong bearish slope. The 50 and 100 Day EMAs are crossing the 200-EMA downwards. The moving averages generate a sell signal. The resistance is seen at 1.1200, the support stands at 1.1130.
The indicators MACD and RSI remained flat within negative territory, maintaining the risk towards the downside
The trend is objectively bearish. If the price remains below the 200-EMA and the 50 and 100 EMAs will advance south in the 4 hours chart we may see a downtrend continuation. The level 1.1130 is the first sellers’ target.