EUR/USD retraces to 50-hour MA support, focus on ECB speak


  • EUR/USD is flirting with the 50-hour MA support at press time. 
  • A strong bounce could be seen if ECB's Coeure confirms his opposition to the ECB's latest QE program.

EUR/USD has fallen back to the 50-hour moving average (MA) support ahead of the London open and could suffer deeper losses on dovish European Central Bank (ECB) speak. 

The pair is currently trading at 1.10 and the 50-hour MA is located at 1.0998. 

EUR/USD had jumped to a high of 1.1024 in the US trading hours, as the greenback was offered on renewed US-China trade tensions and headlines indicating that Nancy Pelosi, the US House Speaker, plans a formal impeachment inquiry of President Trump.

The rise, however, was short-lived, as the USD found love in Asia, possibly due to reports stating that China is planning to boost purchases of US farm products as a goodwill gesture ahead of the next month's high-level trade talks. 

The pair faced rejection at the 100-hour MA and fell back to 1.10. 

Focus on ECB's Cœuré speech

Benoit Coeure, member of the ECB's executive board, is scheduled to speak at 07:00 GMT. 

Reports released earlier this month said Coeure, along with Bundesbank President Widemann, Banque de France President Francois Villeroy de Galhau, opposed President Draghi's idea of restarting the bond-buying program. 

If Coeure confirms these reports, the EUR will likely pick up a bid. The upside, however, could be limited due to renewed German recession fears triggered by the flash German manufacturing PMI's drop to 41.4 in September, the worst reading in more than a decade. 

Technical levels

EUR/USD

Overview
Today last price 1.10
Today Daily Change -0.0014
Today Daily Change % -0.13
Today daily open 1.1014
 
Trends
Daily SMA20 1.1029
Daily SMA50 1.1101
Daily SMA100 1.1173
Daily SMA200 1.125
 
Levels
Previous Daily High 1.1024
Previous Daily Low 1.0984
Previous Weekly High 1.1084
Previous Weekly Low 1.099
Previous Monthly High 1.1251
Previous Monthly Low 1.0962
Daily Fibonacci 38.2% 1.1009
Daily Fibonacci 61.8% 1.0999
Daily Pivot Point S1 1.099
Daily Pivot Point S2 1.0967
Daily Pivot Point S3 1.095
Daily Pivot Point R1 1.1031
Daily Pivot Point R2 1.1048
Daily Pivot Point R3 1.1071

 

 

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