FXStreet (Guatemala) - EUR/USD was extending the downside before a period of consolidation between a narrow range of 1.0631, a seven-month low, and 1.0655. This resistance is just shy of the 20 SMA on the hourly chart. Recovery attempts were foiled by the rumours of a van full of explosives was found near the Hanover stadium and a potential repercussion of the attacks in Paris could be happening in Germany. Otherwise, the US session was dominated with the US CPI's Y/Y rising 0.2% vs previous 0.0% in October and the greenback was supported on risk appetite as markets had otherwise been resilient to the weekend's atrocities in Paris. The euro is however feeling the headwinds of possible extension/expansion to the ECB's QE programme. Also, the data earlier from Germany in the ZEW survey for November was down to 28.3 vs the consensus of 32.5 and previous 30.1. We now look ahead to the FOMC minutes and markets will be looking for further indications that a rate hike for December would be appropriate. EUR/USD levels Technically,on the wide, the 1.1361 2014 -2015 downtrend comes as a key resistance level that has been left way behind and while capped here the market will remain under pressure with an outlook that remains with a bearish bias. Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, the price extended further below a mild bearish 20 SMA, while the RSI indicator heads strongly lower near oversold territory, and the Momentum indicator aims higher below the 100 level, rather reflecting the latest bounce than suggesting further gains. For more information, read our latest forex news.