EUR/USD retraces to 50-hour MA support, focus on ECB speak

• EUR/USD is flirting with the 50-hour MA support at press time. 
• A strong bounce could be seen if ECB's Coeure confirms his opposition to the ECB's latest QE program.

EUR/USD has fallen back to the 50-hour moving average (MA) support ahead of the London open and could suffer deeper losses on dovish European Central Bank (ECB) speak. 

The pair is currently trading at 1.10 and the 50-hour MA is located at 1.0998. 

EUR/USD had jumped to a high of 1.1024 in the US trading hours, as the greenback was offered on renewed US-China trade tensions and headlines indicating that Nancy Pelosi, the US House Speaker, plans a formal impeachment inquiry of President Trump.

The rise, however, was short-lived, as the USD found love in Asia, possibly due to reports stating that China is planning to boost purchases of US farm products as a goodwill gesture ahead of the next month's high-level trade talks. 

The pair faced rejection at the 100-hour MA and fell back to 1.10. 

Focus on ECB's Cœuré speech

Benoit Coeure, member of the ECB's executive board, is scheduled to speak at 07:00 GMT. 

Reports released earlier this month said Coeure, along with Bundesbank President Widemann, Banque de France President Francois Villeroy de Galhau, opposed President Draghi's idea of restarting the bond-buying program. 

If Coeure confirms these reports, the EUR will likely pick up a bid. The upside, however, could be limited due to renewed German recession fears triggered by the flash German manufacturing PMI's drop to 41.4 in September, the worst reading in more than a decade. 

Technical levels