EUR/USD Technical Analysis: Set-up points to further downfall in the near-term

   •  The selling bias remains unabated on the back of a downward revision of the core EZ CPI print and a broadly stronger USD.

   •  A subsequent weakness below the 1.1600 handle will confirm a fresh bearish breakdown below a short-term ascending trend-channel formation on the 4-hourly chart.

   •  Technical indicators on the mentioned chart are still far from near-term oversold conditions and thus, reinforce the near-term negative outlook.

EUR/USD 4-hourly chart

Spot rate: 1.1627
Daily Low: 1.1607
Daily High: 1.1665
Trend: Bearish

Resistance
R1: 1.1664 (20-day SMA)
R2: 1.1700 (round figure mark)
R3: 1.1721 (R1 daily pivot-point)

Support
S1: 1.1589 (S2 daily pivot-point)
S2: 1.1540 (horizontal zone)
S3: 1.1508 (YTD low set on June 21)