EUR/USD technical analsysi: Fiber in search for direction after ECB rollercoaster, trading above 1.1130

• In the New York session, the Euro hit a new 2019 low at 1.1101 on dovish comments from the European Central Bank (ECB).
• However, EUR/USD reversed up sharply from 1.1101 and is now stabilizing near the 1.1130 level. 

EUR/USD daily chart

EUR/USD is trading in a bear trend below its main daily simple moving averages (DSMAs). Earlier in the day, the market hit a new 2019 low as the European Central Bank left its interest rate unchanged. 

EUR/USD 4-hour chart

The market is trading below the 1.1148 resistance and the main SMAs, suggesting a bearish momentum in the medium term. However, the reversal up after the ECB was fairly large, conveying a mixed technical picture. The bulls might have taken the lead as they are keeping the market above 1.1130 and 1.1101 supports.

EUR/USD 30-minute chart

The market is attempting to stabilize near 1.1130 although still trading below the 100/200 SMAs. Immediate resistances to the upside are seen at the 1.1148, 1.1164 and 1.1194 level, according to the Technical Confluences Indicator.

Additional key levels