EUR / USD is moving to the bottom of last month against the background of reduced risk mood

EUR / USD is trying to recover to 1.1750 after the decrease from the previous day. The US dollar equaled the initial gains, trading above 93.00. The fears of the indebted Chinese Evergrande and the anxiety before the Fed meeting could not allow further growth for the currency pair.

The increase in 10-year yields in the US to 1.32% limits the downward movement of greenbacks, as investors absorb the risks of default of the Chinese real estate giant Evergrande and the FOMC meeting adds to the concern.

Meanwhile, Fed Chairman Jerome Powell is expected to withdraw the stimulus from Wednesday’s two-day FOMC meeting by cutting monthly bond purchases, as this should not be seen as a signal for a faster rise in interest rates.

It is worth noting that the futures of the S&P 500 are trading at 4,361, which is an increase of 0.30% for the day.

Investors are turning their attention to US current account data, housing start-ups and building permits to get new trading information.

EUR / USD chart:

Technically, the most traded currency pair shows that the “bears” are in control and do not allow a deeper correction, with a break of 1.1700 the price will go to the bottom of last month around 1.1665, which is a key support for the price and market participants will closely monitor what is happening around these levels.

 Varchev Traders


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