EUR/USD Price Analysis: Euro battling with 1.1087 resistance ahead of FOMC

  

 

 

The common currency, on the daily chart, is trading in a bear trend below its 200-day simple moving average (DMA). However, at the start of December, the spot had a sharp bullish reversal. The market has been in a tight consolidation since then. The Consumer Price Index ex Food & Energy (YoY) came in line with expectations at 2.3% in November. However, investors will be focusing on the FOMC at 19:00 GMT and the press conference at 19:30 GMT. 

 

 

EUR/USD is challenging the 1.1087 resistance while trading above the main SMAs on the four-hour chart. The currency pair remains choppy ahead of the FOMC having rejected the 1.1100 resistance earlier in the session. Overall, bulls would need a daily close above the 1.1100/1.1119 resistance zone to attract further buying interest, according to the Technical Confluences Indicator. 

 

 

 

The euro is trading near a flat 200 SMA failing to find a clear direction for eight consecutive days. Sellers would gain credibility on a daily close below the 1.1062 support. A breakdown below the level could see the quote decline towards the 1.1027, 1.1004 and 1.0987 levels, according to the Technical Confluences Indicator.