EUR/USD: Possible continuation of the bearish trend

The Euro continues dropping versus the Dollar and as we can see on the daily chart, the MACD is showing us that there could be a continuation of the bearish trend. It is possible for the 1.0820 level to become a support for the pair, due to the fact that in the past it acted as a support, but if this Friday’s fundamentals out of the US come out better than expected and the inflation data shows that it is on the rise, then the Dollar may strengthen even more and the pair may break that level to the downside. Beneath the 1.0820 level its next support could be the 1.0500 level. If for some reason the price bounces to the upside from the 1.0820 level, then the 1.1100 zone could become a good resistance, because we can also see that the 55 day EMA is also crossing that area.