EUR/USD : The Euro Dollar continues its consolidation, but the busy schedule this afternoon could lead to a break

The pair EUR/USD remains calm on the Forex since the beginning of the week and is always in the range of 1.1620/1.1660.

Indeed, the fall of the end of last week found support around the 1.1580, then climb back above 1.1620.

We are evolving, so since the beginning of this week in a consolidation phase near the bottom, in a narrow range.

The publications yesterday, including in the euro area, have not managed to create enough volatility to break out of this range.

Today, we will still have an economic calendar pretty busy, but this time the major publications will be in the United States.

We will follow so closely the ADP report and the ISM manufacturing index this afternoon, two statistics that might bring volatility on the Forex today.

In the evening we will follow then the FOMC meeting, but this meeting without revision of the economic forecast and without a speech by Yellen, will be used mainly to adjust the forecast for the December meeting, where the Fed could still raise rates. If the Fed sends such a signal today, the Dollar could appreciate in the Forex.

The bearish view remains in place below 1.1660, and the immediate risks are tilted towards a break below 1.1620 for a new test of 1.1580.

However, the risks of rising above 1.1660 are not to be neglected.

A break of the range in the 1.1580/1.1660 remains, therefore, generally necessary to observe a new trend of very short-term, while the bias remains tilted to the downside under the 1.1660.

Above 1.1660, we could go back in the direction of 1.1680, 1.1700 and 1.1720.

Below 1.1580, the decline would resume towards the 1.1550 and 1.1500/1.1490.

The pair EUR/USD is currently trading at 1.1640 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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