Valeria Bednarik, chief analyst at FXStreet explained that the EUR/USD pair edged lower for a third day in-a-row, down as the dollar benefited by a reversal in oil's prices and fading risk appetite. Key Quotes: "During the European morning, news hit the wires announcing an agreement among Saudi Arabia, Russia and other oil producers, to freeze output at January levels. Oil was trading higher ahead of the news, but suddenly reversed course, as the announce was quite short of market's expectation which pointed for a production cut. Also, and as broadly expected, the German ZEW index disappointed, hit by market turmoil. According to February data, the assessment of the current situation fell to 52.3 from 59.7 in the previous month, while expectations dropped to 1.0 from a previous 10.2. In the US, the February 2016 Empire State Manufacturing Survey indicates that business activity continued to decline for local manufacturers, posting a larger-than-expected drop, down to -16.6." The technical bias for the pair is bearish, as its again pressuring the 1.1120 region by the end of the day, and with the short term picture pointing for a continued decline, as in the 1 hour chart, the price broke below the 20 SMA and remained below it during the American afternoon, whilst the technical indicators head lower within bearish territory. In the 4 hours chart, the 20 SMA has accelerated its decline above the current level, now offering resistance around 1.1210, whilst the Momentum indicator hovers near oversold levels and the RSI indicator heads south around 34. A downward acceleration through the mentioned support should see the decline accelerating towards the 1.1040/50 region during this Wednesday." For more information, read our latest forex news.