• The pair has been trending lower along a short-term descending channel on the hourly chart and now seems to have stabilized near the 1.1400 handle, just above the trend channel support.
• Meanwhile, the fact that the pair remains well below important intraday moving averages - 50, 100 and 200-hour SMAs, point to an extension of the well-established near-term bearish trend.
• Moreover, bearish technical indicators on hourly/daily charts further add credence to the negative outlook and thus, increase prospects a retest of YTD lows support near the 1.1300 round figure mark.
• Traders, however, seemed to wait for the latest ECB monetary policy update for any dovish signals before positioning for the next leg of directional move or initiating any aggressive bearish bets.
EUR/USD 1-hourly chart
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EUR/USD
Overview:
Last Price: 1.1406
Daily change: -1.2e+2 pips
Daily change: -1.08%
Daily Open: 1.1531
Trends:
Daily SMA20: 1.1571
Daily SMA50: 1.1584
Daily SMA100: 1.1623
Daily SMA200: 1.1909
Levels:
Daily High: 1.154
Daily Low: 1.1531
Weekly High: 1.1622
Weekly Low: 1.1433
Monthly High: 1.1816
Monthly Low: 1.1526
Daily Fibonacci 38.2%: 1.1496
Daily Fibonacci 61.8%: 1.1472
Daily Pivot Point S1: 1.1453
Daily Pivot Point S2: 1.1392
Daily Pivot Point S3: 1.1351
Daily Pivot Point R1: 1.1555
Daily Pivot Point R2: 1.1596
Daily Pivot Point R3: 1.1657
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