EUR/USD: 1.1120 key on the downside – FXSetret

By FXStreet Valeria Bednarik, chief analyst at FXStreet explained that the market barely reacted to the FOMC news, with the USD trading for the most, 10 pips lower against its major rivals.

Key Quotes:

“The technical picture for the EUR/USD pair is still showing weakness in the common currency, given that the pair continues setting lower lows daily basis. Shorter term, the 4 hours chart shows that the price met selling interest around a still bearish 20 SA, currently around 1.1180, while the technical indicators are heading higher, but below their mid-lines, showing little buying interest at current levels.

Above the mentioned SMA the pair may recover further ground this Thursday, particularly if investors’ mood remains positive, yet 1.1300 seems too far away at the time being, with a high risk of further declines on renewed selling interest below the 1.1120 level.”
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Source:: FX Street