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EURUSD : More Losses to Come

(EURUSD: 4 Hour Chart)

EURUSD today broke down from the sideways pattern it was following but seems still consolidating within a descending triangle. This signals that there are more losses to come. So the pair might break the key support at 1.3670. In terms of fundamentals European Central Bank released a Current Account data which shows that the current account surplus in euro zone narrowed in March.

Current Account: Forecast- 24.2B, Actual- 18.8

Today Fed is also going to release its meeting minutes and will provide some insight about the economy. However we cannot completely judge the price movement here because it might also reverse this downtrend if Fed shows any dovish tone. Technically the 100 day SMA have crossed the 200 day SMA to move down confirming the bearish trend.