- 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.
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.
|Today last price||1.10|
|Today Daily Change||-0.0014|
|Today Daily Change %||-0.13|
|Today daily open||1.1014|
|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|
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.