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   “¢   The pair built on its corrective bounce from 20-month lows and the recovery has been along a short-term trend-channel formation on the intraday charts.  

   “¢   Given the previous session’s post-ECB slump, the channel constituted towards the formation of a bearish continuation flag pattern on the 1-hourly chart.

   “¢   Meanwhile, oscillators on hourly/daily charts have recovered from highly oversold conditions but remained in the bearish territory, suggesting more downside.

   “¢   A convincing break below the trend-channel support, currently near the 1.1200 handle, will reinforce the bearish set-up and trigger a fresh leg of downward momentum.

EUR/USD 1-hourly chart

EUR/USD

Overview:
       Today Last Price:  1.1222
       Today Daily change:  40  pips
       Today Daily change %:  0.36%
       Today Daily Open:  1.1182
Trends:
       Daily SMA20:  1.1323
       Daily SMA50:  1.1382
       Daily SMA100:  1.1378
       Daily SMA200:  1.1501
Levels:
       Previous Daily High:  1.1322
       Previous Daily Low:  1.1176
       Previous Weekly High:  1.1422
       Previous Weekly Low:  1.1328
       Previous Monthly High:  1.1489
       Previous Monthly Low:  1.1234
       Daily Fibonacci 38.2%:  1.1232
       Daily Fibonacci 61.8%:  1.1266
       Daily Pivot Point S1:  1.1131
       Daily Pivot Point S2:  1.1081
       Daily Pivot Point S3:  1.0986
       Daily Pivot Point R1:  1.1277
       Daily Pivot Point R2:  1.1372
       Daily Pivot Point R3:  1.1422