The pair EUR/USD remains in its consolidation movement in the very short term and continues to put pressure on resistance at 1.1775.
In fact, after a rapid and strong decline since the area of 1.2000, EUR/USD reaches a new and significant area of support at 1.1720/1.1680 above which it consolidates at this time.
Rebounds remain for the time being limited by the resistance of the 1.1775, but the threshold could end up letting go of them and open the way to further upward movement.
Above the next resistance comes in at 1.1800, before the important threshold of 1.1825.
Indeed, if EUR/USD manages to push beyond the 1.1825, breaking what was previously an important support, it could encourage a return of buyers in the market and push the pair higher.
So we could quickly get back to the 1.1850/60 then possibly the 1.1900 and 1.1920 above. A return to the 1.1980/1.2000 would then not be possible.
The reduction, therefore, we have an immediate support on the 1.1720, followed by 1.1700 and 1.1680.
A possible break below 1.1680 could revive the bearish correction in the short term, targeting the area of 1.1600/1.1580, with thresholds of intermediate and 1.1650 and 1.1620.
On the economic calendar we follow, this afternoon, the CPI in Germany, a new GDP estimate, US in Q2 and the inscriptions weekly unemployment US.
The CPI and the GDP will be likely to have an impact in intraday, but it will be a significant gap with the consensus. As a reminder, while the GDP of US is a statistics major that could affect the Forex, the release of the day for a third estimate of the number of the T2, which makes his potential less important. The initial publication usually has the greatest impact, and then the revaluations are progressively losing importance.
Overall, the more we stay above the 1.1720 the greater the risk of rebound increase, but it will have to break above the 1.1825 to have an upward movement and therefore more.
The pair EUR/USD is currently trading at 1.1772 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.