EUR/USD : The Euro Dollar holds above its trend line to the end of the european session

The pair EUR/USD holds above the 1.1750 at the end of the european session.

The Euro Dollar is evolved under a line of bearish trend that comes from the peak of 1.1909 recorded at the beginning of the month of August, which has been tested several times in a few weeks.

However, while the pair has found strong support to the 1.1680, the trend line was eventually let go, causing an acceleration upward yesterday.

The increase has then found a resistance to the 1.1825 during the night, before falling today.

We return, therefore, now test the trend line as support in the zone of 1.1750, before eventually increased again.

In fact, a bounce and a break above the first resistance at 1.1775 would confirm the pullback (pullback to test a threshold in the opposite direction after a break) and could stimulate a more significant increase in the very short term.

The first target upside would be at 1.1800, 1.1825 and 1.1850, while a break above this last may favor a return to the recent peaks at 1.1890 and then 1.1909.

Above, we have then as target the area of 1.20.

In the opposite direction, a break below 1.1750 to raise downside pressures, with the media following 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.

On the economic calendar, tomorrow we will follow a speech by Draghi in the morning in Germany (the speech, expected at Jackson Hole will take place on Friday evening), the PMI in the euro zone, the PMI US consumer confidence in the euro zone, and new home sales US.

While some of these publications can bring in volatility in intraday tomorrow, 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 1.1763 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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