EUR/USD Price Analysis: Trades below 1.0700, stays within the consolidative range

EUR/USD may test the throwback support of 1.0670 around the lower level within the consolidative range. The 14-day RSI consolidates below the 50 level; indicating a consolidative range within levels of 1.0760-1.0670. The pair could find an immediate barrier at the 14-day EMA at 1.0728. The technical analysis of the daily chart indicates a bearish bias, with the pair consolidating within a descending channel.

Its primary tool is the raising or lowering of interest rates. 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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