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EURUSD rejected today for second session at 1.11 mark as traders await the Fed decision tomorrow. The pair hit the daily high at 1.1102 but retreated after it failed to pierce the psychological level convincingly. France Consumer Confidence came in at 104 in line with expectations for October. Investors expect that Fed will cut interest rates for third time by 25 bps. Mario Draghi in a speech yesterday reiterated his call on European governments to take further action to boost the economy.
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EURUSD consolidates below the critical 1.11 mark, as the pair continues the correction from monthly highs. On the technical analysis side the common currency made an impressive rebound from two-year lows at 1.0878 up to 1.1172 amid support that risk assets found on better news from Brexit and US-China trade tensions.
On the downside, immediate support stands at 1.1076 daily lows, a break below will encourage more bears to join the action and drive the price down to 1.1033 the 50-day moving average. This is the next target to the downside that could be attained on a convincing move below the 1.11 critical support level. On the upside, immediate resistance stands at 1.1102 today’s high, a break above can lead prices up to 1.1172 monthly high.