EUR/USD technical analysis: Fiber is under pressure near daily lows ahead of FOMC, sub-1.1130 level

 

 

EUR/USD is in a bear trend below its main daily simple moving averages (DSMAs). As Fiber has been consolidating near multi-month lows for the last six days, the market is waiting for the FOMC at 18:00 GMT. The event can potentially lead to high volatility in USD-related currency pairs. The market is widely expecting a 25bps cut from the Federal Reserve.

 

 

EUR/USD is trading at daily lows and below its major SMAs, suggesting a bearish bias in the medium term. Sellers want to break below 1.1117 and 1.1101 on the way down, according to the Technical Confluences Indicator.

 

 

EUR/USD is trading below its SMAs, suggesting bearish momentum in the short term. Immediate resistance is located at 1.1130, 1.1146, and 1.1200, according to the Technical Confluences Indicator.