According to Klaas Knot (the president of the Netherlands Bank) the effectiveness of stimulus measures taken by the European Central Bank is approaching its limit. He believes that the ECB monetary policy instruments have been exhausted.
The first support lies at 1.1150 and then at 1.1050. The first resistance stands at 1.1260, the next one is at 1.1350.
The price is in the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows a downward movement forming a “Dead Cross”.
The MACD indicator is in a negative territory. The price is consolidating.
The buyers need to break above 1.1260 for a steady growth. If the price falls it will get to 1.1150 and 1.1050.