EUR/USD Price Analysis: Hovers above 1.0900 on ECB Lagarde’s hawkish comments

EUR/USD strengthened as ECB President Lagarde stated that it is premature to declare victory over inflation.
The pair could re-attempt to reach the 1.1000 psychological level as technical indicators support the upward trend.
The psychological level at 1.0900 acts as the immediate support backed by the seven-day EMA at 1.0874.

Akhtar Faruqui FXStreet

EUR/USD attempts to recover its losses recorded in the previous session, trading slightly higher around 1.0910 during the Asian session on Wednesday. The European Central Bank (ECB) President Christine Lagarde's hawkish statements overnight provide some support for the EUR/USD pair.

President Lagarde stated at a Berlin event that it is too early to declare victory over inflation and that bets based on short-term data flow are premature.

The technical indicators for the EUR/USD pair support the current upward trend. The 14-day Relative Strength Index (RSI) above 50 indicates bullish sentiment, indicating that the pair is gaining momentum.

Furthermore, the Moving Average Convergence Divergence (MACD) line is above the centerline, with divergence above the signal line, indicating that the EUR/USD pair could re-attempt to target the barrier at the 1.1000 psychological level, following August’s high at 1.1064.

On the downside, the psychological level at 1.0900 emerges as the immediate support, following the seven-day Exponential Moving Average (EMA) at 1.0874 followed by the next major level at 1.0850. A decisive break below the level could put pressure on the EUR/USD pair to navigate the region around the 23.6% Fibonacci retracement at 1.0841.

EUR/USD: Daily Chart

EUR/USD: More technical levels to watch

Overview
Today last price	1.0912
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.0912

Trends
Daily SMA20	1.0716
Daily SMA50	1.064
Daily SMA100	1.0792
Daily SMA200	1.0807

Levels
Previous Daily High	1.0965
Previous Daily Low	1.09
Previous Weekly High	1.0909
Previous Weekly Low	1.0665
Previous Monthly High	1.0695
Previous Monthly Low	1.0448
Daily Fibonacci 38.2%	1.0925
Daily Fibonacci 61.8%	1.094
Daily Pivot Point S1	1.0886
Daily Pivot Point S2	1.0861
Daily Pivot Point S3	1.0821
Daily Pivot Point R1	1.0951
Daily Pivot Point R2	1.0991
Daily Pivot Point R3	1.1016

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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