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   “¢   Barring a couple of knee-jerk reactions, the pair has been steadily recovering along an ascending trend-channel formation on intraday charts.

   “¢   Given this week’s slide, the mentioned channel now seemed to constitute towards the formation of a bearish continuation flag chart pattern.

   “¢   Oscillators on the 1-hourly chart have just started recovering from the negative territory but maintained their bearish bias on 4-hourly/daily charts.

   “¢   The set-up clearly remains tilted in favor of bearish traders, which will be reaffirmed on a sustained break through the 1.1300-1.1290 support area.

  However, a sustained move beyond the trend-channel hurdle, also nearly 100-hour SMA would    “¢negate the bearish set-up and trigger a short-covering move.

EUR/USD 1-hourly chart

EUR/USD

Overview:
       Today Last Price:  1.1312
       Today Daily change %:  0.01%
       Today Daily Open:  1.1311
Trends:
       Daily SMA20:  1.1331
       Daily SMA50:  1.1387
       Daily SMA100:  1.1381
       Daily SMA200:  1.1504
Levels:
       Previous Daily High:  1.1326
       Previous Daily Low:  1.1285
       Previous Weekly High:  1.1422
       Previous Weekly Low:  1.1328
       Previous Monthly High:  1.1489
       Previous Monthly Low:  1.1234
       Daily Fibonacci 38.2%:  1.131
       Daily Fibonacci 61.8%:  1.1301
       Daily Pivot Point S1:  1.1289
       Daily Pivot Point S2:  1.1267
       Daily Pivot Point S3:  1.1249
       Daily Pivot Point R1:  1.1329
       Daily Pivot Point R2:  1.1348
       Daily Pivot Point R3:  1.1369