Taking a look at the Euro vs the US dollar forex pair before the European Central Bank interest rate decision on Thursday. ECB is widely expected to cut by 50bps, in the short term, this dovish action should weaken the Euro at least until the Fed begins its own rate-cutting cycle. Looking at the daily chart, we can see that the price has now approached the support level of $1.1026 (white oval). A break below here may lead to a decline towards the supportive trendline from June (green), approximately around $1.0930-$1.0940. Currently, the pair is trading at around $1.1041, hence, traders will be monitoring closely in today’s session and perhaps tomorrow’s for a possible break lower. As the near-term bias sways towards bearish, the resistance above is less significant. However, if there are signs of consolidation above the support of $1.1026, then the resistance of $1.1154 could be in the spotlight. The technical indicators are still faltering as the MACD is moving lower, and the RSI is no longer bullish, reading 49.