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EURUSD : Continues to Decline

(EURUSD : 4 Hour Chart)

EURUSD little changed today after upbeat US data and ECB president Draghi’s comments on possible policy actions. Mario Draghi on Monday said that the ECB is ready to act to curb the weak inflation and currently weighing various policy options. US dollar was supported by the couple of US upbeat data.

On the 4 hour chart, the pair fell down from the key support at 1.3624 and should find the next support at 1.3615. The pair is currently trading within the descending triangle trend according to which the pair will continue to decline breaking the support at 1.3615. looking at the stochastic oscillator the %K line is above the %D line which clearly gives the signal that the pair will continue to follow the downtrend.