The pair EUR/USD slowed its increase on the Forex with the approach of the resistance of 1.1825.
EUR/USD has held above its trend line which it tested as a support in the zone of 1.1750/40.
This has caused a new rebound, helped by the statistics of the day, with particularly good PMI in the euro zone this morning and disappointing housing sales in the United States this afternoon.
After a more down to 1.1740, EUR/USD has thus marked a peak intraday at 1.1820 for the time being.
The previous peak and resistance of the short-term to 1.1825 blocks so for the moment the progress of the pair, so that we could start a consolidation in this end of the session, after rising intraday.
A break above 1.1825 could push the pair towards 1.1850. But a break above this last threshold is still needed could then encourage a return to the recent peaks at 1.1890 and 1.1909.
A drop under the 1.1800 and then 1.1775 would weaken the current rebound, and could lead to a return to the 1.1750 and the trend line in the area of 1.1730.
A return of the pair below the trend line could then re-run downward pressures, with brackets following to 1.1720, 1.1700, and 1.1680.
Below 1.1680, the bearish correction from 1.1909 could be revived, with thresholds to be monitored at 1.1662, 1.1650, and a target zone of the short-term to 1.1620/00.
As we see, potentially, the beginning of a recovery bullish with the break of the trend line, we still have to get out of the range 1.1680/1.1850 to have a direction a little clearer in the short term.
The moving average 100 and 200 hours are changing to the horizontal and close to each other, reinforcing the sense of foot-dragging and hesitation in the ranks.
On the economic calendar, tomorrow we will follow the entries weekly jobless claims and US existing home sales.
While some of these publications can bring in volatility in intraday, traders expect especially the speeches of central bankers in Jackson Hole at the end of the week to be more involved on the Forex.
The pair EUR/USD is currently trading at 1.1812 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.