Discover the latest insights on EUR/USD trading as the pair edges lower below 1.1150. Stay informed on the next key support level at 1.1100 and the technical analysis that could impact your trading decisions.
EUR/USD Market Update
After a slight increase on Tuesday, EUR/USD is now trading below 1.1150. The positive shift in risk sentiment limited the demand for the US Dollar, pushing the pair higher. However, with US stock index futures remaining neutral, the risk mood is balanced midweek.
The economic calendar for Wednesday lacks high-impact data releases, leaving investors to focus on market sentiment and technical factors influencing EUR/USD’s movement.
Key events to watch include the August Consumer Price Index (CPI) data from Germany, the US Bureau of Economic Analysis’ revision to second-quarter GDP growth, and the Personal Consumption Expenditures (PCE) Price Index data later in the week.
EUR/USD Technical Analysis
Technical analysis shows EUR/USD testing the lower limit of an ascending channel from early August. The Relative Strength Index (RSI) indicator suggests a loss of bullish momentum, with key support at 1.1100-1.1110. Failure to hold above this level could lead to a bearish trend towards 1.1040.
On the upside, resistance is seen at 1.1190-1.1200 and 1.1250. Monitor these levels closely for potential trading opportunities.
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