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

  • EUR/USD drops to daily lows ahead of the FOMC. 
  • Immediate support is seen at the 1.1117 and 1.1001 levels.

EUR/USD daily chart

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 4-hour chart

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 30-minute chart

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.

Additional key levels

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