EUR/USD suffered heavy losses late Friday and has started the new week on the back foot. The pair could extend its slide if the 1.1300 support fails, FXStreet’s Eren Sengezer reports.
Focus shifts to ECB President Christine Lagarde's speech
“Later in the session, European Central Bank President Christine Lagarde will deliver a speech. In case Lagarde sounds less hawkish than she did at the ECB's press conference on February 7, the pair could face additional bearish pressure.”
“On the downside, 1.1300 (psychological level, Fibonacci 50% retracement of the latest uptrend) aligns as the first support. In case this level turns into resistance, the next bearish target aligns at 1.1260 (Fibonacci 61.8% retracement).”
“The first technical hurdle is located at 1.1320 (100-period SMA) before 1.1340 (200-period SMA, Fibonacci 38.2% retracement) and 1.1370 (Fibonacci 23.6% retracement).”
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.