FXStreet (Córdoba) – EUR/USD finishes the day a tad lower as the greenback rose modestly on the back of renewed concerns over China and ahead of the Federal Reserve verdict on Thursday.
In the absence of first-tier data and amid low volume, EUR/USD edged slowly lower throughout the day and bottomed out 1.1283 at the beginning of the American session, but managed to trim losses afterward. At time of writing, the pair is trading at 1.1310, 0.17% down on the day.
All eyes remain on FOMC decision on Thursday, when the Fed could rise rates for first time in nearly a decade.
EUR/USD technical view
“Technically, a negative tone prevails in the short term, as the 1 hour chart shows that the price is below a bearish 20 SMA, whilst the technical indicators head slightly lower below their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the 20 SMA advanced further higher below the current level, now around the 1.1280 region, whilst the technical indicators hold above their mid-lines, but showing no actual directional strength”.
(Market News Provided by FXstreet)