EURUSD Bulls is Facing Uphill Battle

The EURUSD bulls find themselves facing an uphill battle as they struggle to maintain their momentum around the 1.0900 level. Failing to extend the rebound from a one-week low beyond the 200-Hour Moving Average (HMA), the Euro pair reflects the cautious mood among traders in anticipation of a crucial speech by European Central Bank (ECB) President Christine Lagarde at the ECB Forum. With multiple central bankers set to address the platform throughout the week, the Forex and Crypto trading community anxiously awaits further insights and potential market impacts.

• Additional Challenges for EUR/USD Bulls: Convergence of 50-HMA and Previous Support Line
• Downside Support Levels Limit Short-Term Decline for EUR/USD Pair
• Early June Swing High: A Critical Level for Euro Buyers
• Forex Traders Alert as EUR/USD Pair Navigates Technical Levels and Awaits ECB Speech

EUR/USD Bulls Struggle to Sustain Momentum

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.

Convergence of 50-HMA and Previous Support Line

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 defence of the EUR/USD bears.

Downside Support Levels Limit Short-Term Decline

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.

Early June Swing High: A Critical Level for Euro Buyers

It’s worth noting that the early June swing high of around 1.0785-90 appears the final battle place for the Euro buyers. If the pair manages to breach this level, it could signal a potential shift in sentiment and a weakening of the Euro against the US Dollar.

Forex Traders Alert as EUR/USD Pair Navigates Technical Levels

Forex traders closely monitor the developments in the EUR/USD pair as it navigates key technical levels and awaits the ECB President's speech. The cautious mood and the various resistance levels highlight the importance of monitoring market dynamics and potential shifts in sentiment, which could impact the performance of the Euro and the US Dollar. Stay tuned for further updates and insights into the Forex market.