The EUR/USD pair remains supported on the Forex and always attempts to break its resistance of very short-term at 1.1775.
After you have marked a new low at 1.1695 yesterday, EUR/USD began a rebound that we have brought to under the resistance of 1.1775, which had hampered the first rebound since the 1.1720, before you give in and open the lane in the direction of 1.1825.
If in the case above again, we could have the same movement in the direction of 1.1825, with a first barrier at 1.1800.
Conversely, if the resistance holds, we could go in the direction of the 1.1720 and then 1.1700.
The movement could depend on the publications of this afternoon, which will have a certain potential impact on the Forex.
In effect, we will follow the ADP report at 14: 15 which serves as a proxy before the NFP on Friday, as well as the ISM non-manufacturing at 16h.
The ADP is expected to 125k against 237k previously, and any surprise to the upside or to the downside could react EUR/USD intraday. Then the ISM will have a greater potential for volatility.
Overall, the range of 1.1680/1.1825 remains to be monitored in the short term, and its break would mark the end of the current consolidation and re-start a directional movement in the short term.
Above 1.1825, the downward pressures would be impaired, with a higher risk of a bullish recovery towards the 1.1860, 1.1895/1.1900 and 1.1920 in a first time.
While the short-term risks remain tilted to the downside, it will now have to break below 1.1680 to revive the downside correction in the direction of 1.1620/1.1580.
The pair EUR/USD is currently trading at 1.1772 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.