Technical indicators suggest that bears might continue dominate the pair today.
The Euro has remained stable against the Greenback this morning, as the pair has approached a strong resistance cluster.
It is likely that the strong resistance cluster near 1.17 pressures the Euro back lower today.
The combined resistance of the 55-, 100- and 200-hour SMAs should limit gains above 1.17 during the following trading sessions.
The Euro is likely to accelerate from the 200-hour SMA.
A surge is expected to follow if the 200-hour SMA at 1.17 is breached.
The Euro has extended its retreat against the US Dollar more than it was expected.
The resistance provided by various resistance levels on the daily and hourly charts has proven itself strong enough to push the EUR/USD currency exchange rate lower.
By the middle of Wednesday's trading session the EUR/USD pair had been beaten down by a resistance level that can be spotted on the daily chart.
The Euro started the week against the USD Dollar by reaching a new high level.
The EUR/USD currency exchange rate has continued the previously started surge by booking a new high level on Friday.
The EUR/USD currency exchange rate has surged and revealed a new medium term ascending pattern.
The common European currency has managed to pierce a long term resistance against the US Dollar.
On Tuesday, the EUR/USD pair retraced back up to the resistance, which reversed its previous surge.
The Euro bounced off the previously met resistance and declined down. However,
The Euro is likely to find support near 1.16 in this session.
EUR/USD falls in the morning closer to its one-year low at 1.1510 .
The Euro is likely to find support at 1.1615 today.
The Euro faces a strong resistance level which could reverse the pair back to the downside.
The Euro has begun a surge against the US Dollar in the aftermath of a consolidation.
The Euro is expected to make a bearish reversal near 1.1670 today.
A surge should follow if the 55- and 100-hour SMAs at 1.16 are breached.
The Euro still remains weak, thus trading near its one-year low.
The Euro remains trading in a short-term channel up.