EUR/USD Price Analysis: Retreats from 200-HMA with eyes on ECB’s Lagarde

EUR/USD struggles to defend the first daily gains in three, fades bounce off one-week low.
200-HMA, comparatively upbeat US data than from Eurozone keeps Euro pair sellers hopeful.
Lagarde will speak at ECB Forum, multiple central bankers’ speeches due on the platform during the week.

Anil Panchal FXStreet

EUR/USD bulls appear running out of steam around the 1.0900 round figure as they fail to extend the bounce off a one-week low beyond the 200-Hour Moving Average (HMA) heading into Monday’s European session. In doing so, the Euro pair justifies the trader’s cautious mood ahead of a speech from the European Central Bank (ECB) President Christine Lagarde at the ECB Forum, the key platform where multiple central bankers are up for speaking during the week.

Also read: EUR/USD pares recent losses around 1.0900 with eyes on EU/US inflation, ECB Forum

It’s worth noting that the cautious sentiment and the 200-HMA, around 1.0915 at the latest, aren’t the only challenges for the EUR/USD bulls as a convergence of the 50-HMA and the previous support line from June 06, close to .0930 at the latest, also prod the Euro pair buyers.

Additionally, a horizontal area comprising multiple tops marked since June 16, close to 1.0945-50, acts as the last defense of the EUR/USD bears.

On the contrary, the mid-June swing high around 1.0860 precedes the 50% Fibonacci retracement level of June 06-22 upside, near 1.0840, to limit the short-term downside of the EUR/USD pair.

It’s worth noting that the early June swing high of around 1.0785-90 appears the final battle place for the Euro buyers.

EUR/USD: Hourly chart

Trend: Pullback expected

EUR/USD

Overview
Today last price	1.0906
Today Daily Change	0.0012
Today Daily Change %	0.11
Today daily open	1.0894

Trends
Daily SMA20	1.0809
Daily SMA50	1.0876
Daily SMA100	1.0809
Daily SMA200	1.0565

Levels
Previous Daily High	1.096
Previous Daily Low	1.0844
Previous Weekly High	1.1012
Previous Weekly Low	1.0844
Previous Monthly High	1.1092
Previous Monthly Low	1.0635
Daily Fibonacci 38.2%	1.0888
Daily Fibonacci 61.8%	1.0916
Daily Pivot Point S1	1.0839
Daily Pivot Point S2	1.0784
Daily Pivot Point S3	1.0724
Daily Pivot Point R1	1.0954
Daily Pivot Point R2	1.1014
Daily Pivot Point R3	1.1069

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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