4 Nov 2019
EUR/GBP technical analysis: Euro off daily highs ahead of ECB’s Lagarde speech
- EUR/GBP is hovering off daily highs near the 0.8640 level.
- Market players will pay attention to the speech of the newly appointed ECB’s President, Christine Lagarde at 20:30 GMT.
EUR/GBP daily chart
On the daily chart, EUR/GBP is trading in a bear trend below its main daily simple moving averages (DMAs). Over the last weeks of trading, the euphoria of a Brexit deal sank the spot below near the 0.8600 handle. This Monday, investors will be on the lookout for any comments on monetary policy from the newly appointed ECB’s President, Christine Lagarde, at 20:30 GMT.
EUR/GBP four-hour chart
EUR/GBP is trading below the downward sloping 100 and 200 SMAs, suggesting a bearish bias in the medium term. In the medium term, a daily close below the 0.8575 support level could lead the spot to the 0.8500 handle, according to the Technical Confluences Indicator.
EUR/GBP 30-minute chart
EUR/GBP is sidelined trading above the 0.8625 price level. Bulls would need a break above 0.8650 to reach the 0.8680 resistance in the near term.
Additional key levels