Nevertheless, the bearish tone accelerated with the pair poised to break below the 1.1100 figure. In the 4 hours chart, the price was unable to overcome a strongly bearish 20 SMA, currently around 1.1180, whilst the technical indicators turned lower, with Momentum retreating from its midline and the RSI indicator heading south around 33. Additional stops are likely standing below 1.1090, with a break below it fueling the slide down to 1.1050 in the short term, although further declines are unlikely ahead of ECB economic policy decision tomorrow. TO the upside, the mentioned 1.1150 level comes as the immediate resistance, followed by the 1.1180/1.1200 region.
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