EUR/USD Price Analysis: Breaks below 1.0700 to test a throwback support

The EUR/USD pair falls toward a throwback support at the level of 1.0670. The 14-day RSI consolidates below the 50 level; confirming a downtrend for the pair. A 14-day EMA at the level of 1.0732 could act as an immediate barrier. A technical analysis of the daily chart indicates a bearish bias, with the pair consolidating within a descending channel. Additionally, the 14-day Relative Strength Index is consolidating below the 50 level, suggesting a timid momentum for the EUR/USD pair.

Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde.

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