The EUR/USD pair remains rather heavy on the Forex but rebounds slightly from the low of yesterday.
In fact, while the tone of the short-term remains cumbersome, EUR/USD has difficulty putting pressure on the support area of the 1.1720/1.1680.
After a low of 1.1724, the Euro Dollar now goes back above 1.1750, but without as much squeeze to the upside.
Therefore, we remain on a phase of consolidation near the support zone and under the resistance of 1.1775. As in the last hollow to 1.1730, a return to the top of 1.1775 could boost the increase.
Future thresholds will be then to monitor to 1.1800, 1.1825 and the zone of 1.1850/60, before the 1.1880. A break above 1.1880 would then view the 1.1920.
A break under the 1.1720 would strengthen the bearish view for a test of 1.1680, which a break would trigger the bearish correction from the top of the 1.2090 with the next target downside to 1.1660, 1.1620 and 1.1580.
On the economic calendar the PMI was mixed in the euro zone this morning has not had much impact on the Forex. This afternoon we will have the PMI US, which may also be lacking influence.
The pair EUR/USD is currently trading at 1.1753 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.