EUR/USD: Biased lower with immediate support at 1.1760


The EUR/USD pair trades around the 1.1800 level, after reaching a fresh September monthly low of 1.1736 this Thursday, biased lower according to intraday technical readings. However, receding demand for the greenback may keep euro/dollar afloat, FXStreet’s Chief Analyst Valeria Bednarik reports. 

Key quotes

“US policymakers maintained the monetary policy on hold and repeated the pledge to do whatever is necessary to support the economy. Yet, at the same time, they noted economic progress hinting no action required at the time being. Equities came under strong selling pressure, although European indexes are now bouncing from intraday lows, trimming most of their early losses, putting the greenback under pressure.”

“The 4-hour chart shows that the EUR/USD pair remains below all of its moving averages, with the 20 SMA gaining bearish strength, although all of them confined to a tight range. Technical indicators, in the meantime, corrected oversold readings but turned back south within negative levels.” 

“The risk is skewed to the downside, with lower lows expected on renewed selling pressure below 1.1760, the immediate support.”

 

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