EUR/USD : The bias remains bearish, but the momentum is weakening in the face of the lack of catalysts in the economic calendar

After having posted net signals bearish this morning, with a break under his MM200H and under the psychological level of 1.18, the bearish view of the EUR/USD seems to be, for the moment losing the effect while the mid-day approach.

The economic calendar empty, is in fact conducive to the wait-and-see, before the statistics more important later in the week, even though no event actually major will not be expected before next week.

Recall that EUR/USD had abated last night and this morning mainly in the face of the outcome of the election of regional Low-German Saxony, where the CDU party of Angela Merkel arrived second behind the SPD, a further weakening for the German chancellor, that the markets aimenraient see stay in office.

From a graphical point of view, the pair EUR/USD is close to a critical resistance towards 1.1770 (retracement 50% of the increase 06/10 to 12/10), before 1.1750, 1.1730 and 1.17.

The increase, the threshold of 1.18 appears as an immediate resistance. It is also a threshold all the more important that it matches the retracement Fibonacci 38.2% of the upward phase of the visible 06/10 to 12/10.

Currently, the EUR/USD pair hovers around 1.1785 on the Forex.

Chart EUR/USD H1
See also our charts EUR/USD in real time.

This chart has been realized with the trading platform TradingStation 2 provided by FXCM France.

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