EUR/USD Under Pressure Ahead of Central Bank Meetings!Euro vs US DollarCFI:EURUSDCFIStructure and trend of EUR/USD The EUR/USD pair has been trading within a clear ascending channel since early March, following its recovery from the 1.1370 low recorded on March 5. This upward move pushed the pair to a high near 1.1880 in mid-April. Since then, price has pulled back from the upper boundary of the channel and is currently testing the lower trendline support, located within the 1.1670 – 1.1700 range. This level represents a key structural and pivotal point. What do Bollinger Bands indicate? Bollinger Bands are showing a contraction following the spike in volatility observed in April. Price is currently trading below the 20-period simple moving average, which is trending downward in line with recent price action. Meanwhile, the lower band stands at 1.16727, acting as a near-term support level. Relative Strength Index (RSI) The RSI is currently reading 37, down from overbought levels near 75 during the rally between April 9 and 14. Momentum is clearly tilted in favor of the bears. Since the indicator has not yet reached oversold territory (30), this suggests there is still room for further downside before a meaningful rebound. Additionally, the signal line (yellow) stands at 47.68, above the RSI, reinforcing the continuation of bearish momentum. Fundamental outlook The Federal Reserve meeting is scheduled for April 29, 2026, with the current interest rate at 3.75%. Amid improving performance in the US manufacturing sector, the PMI has reached a 47-month high of 54.0. However, inflation remains elevated, with the Personal Consumption Expenditures (PCE) index expected to rise by around 0.7% month-on-month, making a near-term rate cut unlikely. The European Central Bank meeting is set for April 30, 2026, with the ECB interest rate currently at 2.15%. Economic growth forecasts for 2026 have been revised down to 0.9% due to the energy crisis. Despite slower growth, policymakers remain concerned about energy-driven inflation, and many believe that the June meeting will be decisive regarding future interest rate decisions.