- 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 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.