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.
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
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.
