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EURUSD analysis - Pair bearish below 1.1160

EURUSD analysis - Pair bearish below 1.1160

29 July 2019, OctaFXThe 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.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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