EUR/USD Technical Analysis: The Euro may get capped off by 1.16

• Friday’s decline leaves the pair steeply off the recent median, but technical bounceback has been limited.
• Hourly indicators have spun out towards their midranges, traders will be looking for fresh momentum before jumping back in.
• Dovish ECB last week leaves plenty of further bearish action on the table.

EUR/USD Chart, 1-Hour

Spot rate:             1.1591
Relative change: 0.03%
High:                    1.1601
Low:                     1.1576

Trend:                  Bearish

Support 1:            1.1576 (current day low)
Support 2:            1.1543 (Friday/previous week major low)
Support 3:            1.1476 (S3 1-Day pivot)

Resistance 1:       1.1627 (Friday high)
Resistance 2:       1.1661 (38.2% 1-week Fibonacci retracement level)
Resistance 3:       1.1733 (61.8% 1-week Fibonacci retracement level)