The ECB meeting and its results support EUR and put USD under pressure however the growth was not enough to complete the correction pattern.
The support rests at 1.19290 with resistance at 1.20040. The weekly pivot point at 1.19730 is located above the lines. The EMA of 10 is moving with bullish bias in the ascendant channel and it is below the EMA of 100 and the EMA of 200. The Stochastic is showing downward momentum, the RSI is falling towards level 50 and the ADX is showing sell signal. The MACD indicator is in positive territory.
The support level breakthrough will confirm the bearish trend targeting 1.18600; otherwise EURUSD will continue its correction pattern towards level 50 of Fibonacci at 1.20400.
