The bullish momentum of EUR/USD seems to be waning near the significant 1.0900 level, with a failure to sustain the rebound from a one-week low beyond the 200-Hour Moving Average (HMA) as Monday’s European session begins.

This development confirms traders’ cautious stance in anticipation of a speech by European Central Bank (ECB) President Christine Lagarde at the ECB Forum, a crucial event featuring multiple central bankers throughout the week.

Importantly, the aforementioned cautious sentiment and the presence of the 200-HMA, currently around 1.0915, are not the sole challenges faced by EUR/USD bulls. They also contend with the convergence of the 50-HMA and the previous support line from June 06, which are positioned near 1.0930.

Furthermore, the Euro pair buyers encounter resistance from a horizontal region that has witnessed multiple tops since June 16, specifically around 1.0945-50, acting as the final barrier for bearish sentiment in EUR/USD.

On the downside, the mid-June swing high near 1.0860 precedes the 50% Fibonacci retracement level of the upside movement observed between June 06 and June 22, which stands close to 1.0840 and serves as a support level for the short term.

It is worth noting that the Euro buyers’ ultimate battleground is represented by the early June swing high of approximately 1.0785-90.


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