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EURUSD : Trimmed its Losses But Gains Remain Capped

( EURUSD : 4 Hour Chart)

EURUSD pared some of its losses today but the gains remain checked as there is a resistance at 1.3571 or the falling resistance trend line. EUR got some surge after the inflation report which showed that the monthly rate of inflation in the euro zone fell .1% in May in line with the economist’s expectations whereas the annual rate of inflation remain unchanged from the estimate of .5%.

On the 4 hour chart, the pair seems like trading within a descending triangle showing that the pair will continue to follow a downtrend. All moving averages (50 day, 100 day and 200 day SMAs) are also moving in the same downward direction signaling that the pair will continue to follow the downtrend.