The euro is now trading below the key 1.1431 level against the US dollar, following a strong technical rejection from the 1.1500 resistance level. Today's EURUSD technical outlook what next to expect.
November 8, OctaFX – Today, a number of economic data will be released that will impact the market. China will release its monthly trade data. In the US, the Federal Reserve will release the interest rates decision.
While it is not expected to make adjustments, the bank will send signals about its future pace of hikes. The European Union will release the economic forecasts. In the US, the Department of Agriculture will release the World Agricultural Supply and Demand Estimates (WASDE) report. This will lead to major movements in the agricultural crops sector.
EURUSD Technical Outlook
The EURUSD pair declined in the Asian session ahead of the Fed decision. It reached an intraday low of 1.1425. The pair’s price is slightly below the 50% Fibonacci Retracement level.
The moving average oscillator has eased the declines while the momentum indicator shows little downward momentum. Therefore, there is a likelihood that the pair will remain unchanged today ahead of the Fed decision.
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