EUR/USD suffered heavy losses late Friday and has started the new week on the back foot. The pair could extend its slide if the 1.1300 support fails, FXStreet’s Eren Sengezer reports.

Focus shifts to ECB President Christine Lagarde's speech

“Later in the session, European Central Bank President Christine Lagarde will deliver a speech. In case Lagarde sounds less hawkish than she did at the ECB's press conference on February 7, the pair could face additional bearish pressure.”

“On the downside, 1.1300 (psychological level, Fibonacci 50% retracement of the latest uptrend) aligns as the first support. In case this level turns into resistance, the next bearish target aligns at 1.1260 (Fibonacci 61.8% retracement).”

“The first technical hurdle is located at 1.1320 (100-period SMA) before 1.1340 (200-period SMA, Fibonacci 38.2% retracement) and 1.1370 (Fibonacci 23.6% retracement).”

See: EUR/USD to slide towards 1.1250/00 on a break below 1.13 – ING