The ECB meeting put EUR on the downfall when current monetary policy was decided to be easing in December. EUR bears are getting empowered to break all the potential support lines and reach the bottom of Andrew’s Pitchfork around 1.16000 but the 4-H chart is showing some consolidation. Traders must be aware that the fundamental reports influencing EURUSD is diverse and there is a chance of price growth as well. The European Consumer Price Index data, the US Personal Spending and PCE Core data are among them.
Most indicators are showing downward momentum. EURUSD is finding support at 1.16570 with resistance at 1.16900. The price is fluctuating below the weekly pivot point at 1.18150. The resistance level breakout will confirm the correction pattern towards 1.17500 but the bearish pressure may prevent it and push the price down towards 1.16000.