While the ECB is determinate to keep fighting inflation with rake hikes, the sovereign debt jitters continue: Greece continues to be on default risk, and protests had arisen over the weekend.
"Technically, hourly chart has a bearish perspective, with indicators heading south below their midlines, and 20 SMA above current price with a nice bearish slope and acting as dynamic resistance", said Valeria Bednarik, analyst at FXstreet.com.
"Still above 1.4400, 4 hours chart also holds a bearish tone that can weight on the pair over the next hours: 1.4365, past week low, is now key support to break", Bednarik said.
Support levels: 1.4400 1.4365 1.4320. Resistance levels: 1.4440 1.4470 1.4510.