EUR/USD Technical Analysis: Set-up favors bearish traders, dovish ECB message awaited for confirmation

   •  Barring a couple of knee-jerk reactions, the pair has been steadily recovering along an ascending trend-channel formation on intraday charts.

   •  Given this week's slide, the mentioned channel now seemed to constitute towards the formation of a bearish continuation flag chart pattern.

   •  Oscillators on the 1-hourly chart have just started recovering from the negative territory but maintained their bearish bias on 4-hourly/daily charts.

   •  The set-up clearly remains tilted in favor of bearish traders, which will be reaffirmed on a sustained break through the 1.1300-1.1290 support area.

  However, a sustained move beyond the trend-channel hurdle, also nearly 100-hour SMA would    •negate the bearish set-up and trigger a short-covering move.

EUR/USD 1-hourly chart