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  • EUR/USD is under selling pressure below the 1.1220 level.
  • Market participants are likely waiting for the FOMC minutes released on Wednesday.

 

EUR/USD daily chart

 

EUR/USD trading in a bear trend below its main daily simple moving averages (DSMAs). The market is expecting the FOMC minutes to acknowledge the recent strong US data and therefore a softer approach to rate cuts.

EUR/USD 4-hour chart

 

The market under selling pressure below 1.1220 resistance. Sellers are trying to break below 1.1192 support. If broken then 1.1164 and 1.1106 can become the next bearish targets on the way down, according to the Technical Confluences Indicator.

 

 

EUR/USD 30-minute chart

 

EUR/USD is entering the Asian session below 1.1220 and its main SMAs. Immediate resistances are seen at 1.1220, 1.1246, 1.1265 and the 1.1285 levels, according to the Technical Confluences Indicator.

 

 

Additional key levels