29 July 2019, OctaFX – The euro declined today against the USD after more weak data from the European Union. In Spain, the headline CPI declined by -0.6% in June. This was much lower than the expected gain of 0.2% and May’s drop of -0.1%.
On an annualized basis, the CPI increased by 0.5%, which was lower than the expected increase of 0.6%. The pair also declined ahead of the anticipated FOMC decision. The bank is expected to lower interest rates by 25-basis points, which will be the first-rate cut since the 2008 crisis.
EURUSD technical analysis
The EURUSD pair declined to a low of 1.1110, which is below the 21-day and 42-day moving averages on the four-hour chart. The RSI remains slightly above the overbought level of 30 while the price is along the lower line of the Bollinger Bands. The pair will likely continue moving lower in the American session ahead of the important data from the US and Europe expected tomorrow.
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