EUR/USD nears hourly 200-MA support

Rebound from yesterday’s low of 1.1191 failed to secure a break above hourly 100-MA following which the EUR/USD pair resumed its journey back to hourly 200-MA level of 1.1202.

Eyes Draghi

At a time when the markets are speculating about more ECB stimulus, Draghi is set to face tough questions from German lawmaker. The ECB President is set to address the Bundestag lower house of parliament's European Affairs committee later today.

The focus will also be on the US durable goods orders release and Yellen testimony.

EUR/USD Technical Levels

A break below hourly 200-MA level of 1.1202 would open doors for a sell-off to 1.1182 (50-DMA), under which next major support is seen at 1.1155 (200-DMA). On the higher side, we need an hourly close above 1.1219 (5-DMA + 38.2% of 1.1123-1.1279), in which case resistance at 1.1259 (previous day’s high) and 1.1280 (Sep 26 high) could be put to test.