The pair EUR/USD spent the session mostly quiet halting the bearish correction.
Indeed, after the decline this morning, EUR/USD has found support around the moving average 200 hours currently at 1.1784, and therefore just above the support of 1.1775, dating back to around 1.18 during the remainder of the session.
While the negative bias is weakened with the rebound, it will be necessary to go back to the top of the 1.1825 to possibly reinforce the upward pressures.
We will then be able to target a further increase in the direction of 1.1860/1.1880 where she recently found a resistance.
A break above therefore remains necessary to boost the rebound of the short term in the direction of 1.1920.
In the case of a break below 1.1775, the decline this morning is expected to resume its path towards 1.1750 and then the support zone of the 1.1720/1.1680, which remains a major obstacle to the continuation of the bearish correction from the top of 1.2090.
For the moment, EUR/USD consolidates, therefore, in the range of 1.1775/1.1825 with a slight tilt to the downside, but it is important not to underestimate the risks of rebound.
Tomorrow we will follow on with the economic calendar the ZEW index, German CPI, euro zone producer price indices for the import and export, as well as industrial production.
Inflation in the euro zone will be the publication that will have the greatest potential for volatility on the Forex and that will be the subject of special attention.
The pair EUR/USD is currently trading at 1.1813 on the Forex.
Chart EUR/USD H1
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This chart has been realized with the trading platform TradingStation 2 provided by FXCM France.