The news that Bundesbank lowered its inflation growth forecast for 2016 pressured the euro. The Bundesbank lowered the forecast to 0.25% from 1.1% amid the cheap oil. Mario Draghi made it clear in his performance that the regulator was ready to revise its policy at the next meeting. He stressed that the monetary policy would remain accommodative for an extended period. Draghi’s soft statements only increased the pressure on the euro.
The first support lies at 1.1050 and then at 1.0925. The first resistance stands at 1.1150, the next one is at 1.1260
The price is in the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement forming a “Dead Cross”.
The MACD indicator is in a negative territory. The price is decreasing.
We suppose the pair will go to 1.1050 first. Having overcome the first target the price might go downwards to 1.0925.