The pair EUR/USD grows to rebound on the Forex and marks a new all-time high at 1.1817 since the downside breakout under the 1.1825.
Indeed, the recent acceleration to the downside post-German elections has found an obstacle on the 1.1720, and now shows a bounce fix.
After having broken the resistance of 1.1775 and then 1.1800, EUR/USD is now approaching a little more of the threshold key of 1.1825.
The upward pressure intraday remain in place, but it will probably require a catalyst to allow a return above the threshold of 1.1825.
This afternoon we will follow so closely on the economic calendar the expenditure of households, but above all the PCE core, which represents the data of inflation preferred by the Fed. Later we will have then the confidence of consumers UMich which could have less impact on the Forex.
Above 1.1825 higher could continue in the direction of 1.1850 and 1.1860 (50% Fibonacci) in a first time, and then eventually to 1.1900 (61.8% Fibonacci at 1.1894) and 1.1920.
Conversely, if the threshold is resilient and that the downward pressure of short-term back, we would return first on the 1.1775, and then 1.1750, before continuing in the direction of the recent low and major support around 1.1720.
In effect, the support zone of the 1.1720/1.1680 proved strong enough to stem the fall of EUR/USD, and could still remain difficult to overcome in the very short term.
A break below 1.1680 would trigger the downside correction for the short term in the direction of 1.1650, 1.1620, 1.1600 and 1.1580.
The pair EUR/USD is currently trading at 1.1813 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.