EUR/USD came under heavy bearish pressure in the American session on Tuesday and closed the day sharply lower.
EUR/USD entered into a consolidation phase following Tuesday's sharp decline. The technical outlook highlights a bearish tilt in the near term. The Fed is widely expected to leave the policy rate unchanged. The pair stays in a consolidation phase below 1.0700 early Wednesday as markets gear up for key data releases from the US and the Federal Reserve's monetary policy decisions.
EUR/USD Technical Analysis The Relative Strength Index indicator on the 4-hour chart dropped below 50 and EUR/USD closed the last five 4-hour candles below the 20, 50 and 100-period Simple Moving Averages , reflecting the bearish shift. On the downside, 1.0650 aligns as interim support before 1.0600 and 1.0560 . Resistances are located at 1.0700 , 1.0750 and 1.0765 . Euro FAQs What is the Euro? The Euro is the currency for the 20 European Union countries that belong to the Eurozone.
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