News

EUR/USD technical analysis: Fiber at daily lows ahead of ECB's Lagarde speech, trading near 1.1140 level

|ByFlavio Tosti

  • The Fiber is trading near daily lows as the London session comes to an end. 
  • The newly appointed ECB's President, Christine Lagarde, is going to deliver a speech at 20:30 GMT.
  • The level to beat for bears is the 1.1141 support level.

 

EUR/USD daily chart

 
On the daily chart, the Euro is trading in a downtrend below its 200-day simple moving average (DMA). This Monday, the market is trading off the October highs ahead of ECB's Christine Lagarde's speech at 20:30 GMT. Traders will be on the lookout for any comments about future monetary policy. The event can lead to volatility in the markets.
 

EUR/USD four-hour chart

 
The Euro, on the four-hour chart, might be trading in an ascending triangle pattern while above its main SMAs. However, if the spot breaks to the upside, EUR/USD could reach the 1.1183/1.1200 zone, 1.1217 and 1.1262 resistances on the way up, according to the Technical Confluences Indicator. The market is also easing from a double top with the October highs.
 
 

EUR/USD 30-minute chart

 
EUR/USD is challenging the 1.1141 support level and the 200 SMA, suggesting a potential bearish bias in the near term. A breakdown below 1.1141 is needed to trigger further weakness towards the 1.1129 level and 1.1111 support level.
 

Additional key levels

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

RELATED CONTENT

Loading ...

Copyright © 2024 FOREXSTREET S.L., All rights reserved.