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EUR/USD technical analysis: Euro at a stalemate ahead of the FOMC

FX Street
Updated:
  • EUR/USD is ticking up modestly at the start of the New York session as the market is nearing the 1.1072 resistance.  
  • EUR/USD remains mostly directionless as investors are awaiting the FOMC at 18:00 GMT.
 

EUR/USD daily chart

 
The shared currency, on the daily chart, is trading in a bear trend below the main daily simple moving averages (DSMAs). Investors will pay close attention to the FOMC this Wednesday as the market as already priced in a 25bps rate cut.  

EUR/USD four-hour chart

 
EUR/USD is trading between the 100 and 200 SMA, suggesting a range in the medium term. The market is waiting for the FOMC before committing to either side. If the market breaks the 1.1118 resistance EUR/USD can march towards 1.1141 and 1.1176 price levels, according to the Technical Confluences Indicator.
   
   
   

EUR/USD 30-minute chart

 
EUR/USD is trading above the 1.1044 support and the 100/200 SMAs suggesting potential bullish momentum. Further down lie the 1.1000 support followed by the 1.0970 price level, according to the Technical Confluences Indicator.

Additional key levels

 

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