• EUR/USD declined on Wednesdays as stronger dollar and uncertainty ahead key economic data from Eurozone and US weighed on euro.
• Investors await the release of euro zone August inflation data later in the week, which could provide clues about the European Central Bank's monetary policy path.
•The euro softened, leaving it down 0.51% against the dollar at $1.1127, its lowest since 23rd August.
• Technically RSI has dipped below the 70 level and positive momentum is fading
• Immediate resistance is located at 1.1203( 23.6%fib), any close above will push the pair towards 1.1256( Higher BB).
• Strong support is seen at 1.1100(38.2%fib) and break below could take the pair towards 1.1025 (50%fib).
Recommendation: Good to sell around 1.1200, with stop loss of 1.1250 and target price of 1.1120
