During the Asian session, the markets were quite calm. As long as there are shortened working hours in the US today, the volatility is likely to slow down at the end of the European session.
The eurozone releases its Economic Sentiment Indicator and Consumer Confidence statistics. No serious changes are expected, thus, these indicators are unlikely to influence trading activity.
The ECB meeting is due next week. The Regulator tends to announce additional stimulus measures; therefore, already large volumes of short positions are growing.
The price is trading along the lower part of a descending channel on the daily chart and at the lower border of a descending channel on the weekly chart.
On the weekly and monthly charts, OsMA and Stochastic indicate that the price is likely to continue declining. On the 4-hour and daily charts, the indicators are not giving clear trading signals.
Support levels: 1.0600, 1.0580, 1.0500.
Resistance levels: 1.0650, 1.0690, 1.0760, 1.0800, 1.0840, 1.0900.