EUR/USD : The Euro Dollar bounces slightly as a result of the Michigan Sentiment and the approach of the weekly close

The pair EUR/USD bounces slightly on Forex in the late afternoon.

On the economic calendar, consumer confidence according to the University of Michigan increased to 100.7 against 100.9 expected, and 101.1 previously, encourages something of the slight rebound.

In addition, the approach of the weekly close may cause profit taking following the recent strong fall, and, therefore, feed as a slight rebound before the end of this evening.

From a technical point of view, we just touch the bracket and the target in the very short term following the break below 1.1660, which can also contribute to a rebound/consolidation during the next few hours.

The overall bias remains, however, a heavy and a downward trend in the short term, and a continuation of the fall in the direction of 1.1550 and then 1.1500/1.1490 during the next few days remains a strong possibility.

However, we must not neglect the possibility of a technical rebound in the very short term.

The resistances come at 1.1620 and then 1.1660. This resistance must stay in place to avoid a rebound deeper and a continuation of the consolidation phase.

Overall, the bias remains strongly oriented to the downside, but the support of 1.1580 that we put forward as a target following a break below the 1.1660 could favor a break before a possible reversal to the downside.

The pair EUR/USD is currently trading at 1.1610 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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