The November Germany inflation preliminary data has been published. The CPI came out at the level of 0,1% m/m and 0,4% y/y. The "black gold" market negative trend put downward pressure on the CPI leading euro-zone economy. The possible US Federal Reserve December policy tightening serves as a main factor for the dollar bullish sentiment.
Bears have lowered the price below the support level of 1.0630. This level testing ended with the breakthrough failure that fixed the price at the support level of 1.0550.
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 and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is decreasing.
After the support level of 1.0550 breakthrough we may expect the fall towards 1.0420 further on we expect a growth.