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   “¢   The pair once again failed to make it through a short-term descending trend-line resistance, extending from highs touched in mid-May and June/July monthly tops.  

   “¢   Bulls, however, have managed to defend the 1.1700 handle after the ECB announced its latest monetary policy decision to leave interest rates unchanged.  

   “¢   A follow-through weakness below 200-period SMA on the 4-hourly chart will add credence to the rejection slide and pave the way for additional weakness.

EUR/USD 4-hourly chart

Spot rate: 1.1713
Daily High: 1.1744
Daily Low: 1.1706
Trend: Neutral

R1: 1.1744 (descending trend-line hurdle)  
R2: 1.1792 (monthly swing high set on July 9)
R3: 1.1833 (R3 daily pivot-point)

S1: 1.1670 (200-period SMA H4)
S2: 1.1655 (weekly low set on Tuesday)
S3: 1.1606 (S2 daily pivot-point)