4 Nov 2019
EUR/USD technical analysis: Fiber at daily lows ahead of ECB's Lagarde speech, trading near 1.1140 level
- The Fiber is trading near daily lows as the London session comes to an end.
- The newly appointed ECB's President, Christine Lagarde, is going to deliver a speech at 20:30 GMT.
- The level to beat for bears is the 1.1141 support level.
EUR/USD daily chart
On the daily chart, the Euro is trading in a downtrend below its 200-day simple moving average (DMA). This Monday, the market is trading off the October highs ahead of ECB's Christine Lagarde's speech at 20:30 GMT. Traders will be on the lookout for any comments about future monetary policy. The event can lead to volatility in the markets.
EUR/USD four-hour chart
The Euro, on the four-hour chart, might be trading in an ascending triangle pattern while above its main SMAs. However, if the spot breaks to the upside, EUR/USD could reach the 1.1183/1.1200 zone, 1.1217 and 1.1262 resistances on the way up, according to the Technical Confluences Indicator. The market is also easing from a double top with the October highs.
EUR/USD 30-minute chart
EUR/USD is challenging the 1.1141 support level and the 200 SMA, suggesting a potential bearish bias in the near term. A breakdown below 1.1141 is needed to trigger further weakness towards the 1.1129 level and 1.1111 support level.
Additional key levels