The pair EUR/USD continues its consolidation intraday following the single publication of the day.
Indeed, the manufacturing index of the New York Fed, also called the Empire State, the second index regional manufacturer the most important behind Philadelphia (Phillly Fed) and before that of Chicago, was in strong progression, but without impacting the Forex.
The index has shown an increase to 30.20 of 24.40 while the consensus expected a decline to 20.70.
However, EUR/USD continues its consolidation in the range of very short-term 1.1775/1.1825.
After the decline this morning, EUR/USD has found support around the moving average 200 hours currently 1.1783, and therefore just above the support of 1.1775, dating back above 1.18.
While the negative bias is weakened with the rebound, it will be necessary to go back to the top of the 1.1825 to possibly reinforce the upward pressures.
We will then be able to target a further increase in the direction of 1.1860/1.1880 where she recently found a resistance.
A break above therefore remains necessary to boost the rebound of the short term in the direction of 1.1920.
In the case of a break below 1.1775, the decline this morning is expected to resume its path towards 1.1750 and then the support zone of the 1.1720/1.1680, which remains a major obstacle to the continuation of the bearish correction from the top of 1.2090.
The economic calendar will be empty for the rest of the session, suggesting a continuation of the consolidation between 1.1775 and 1.1825. A break in technique could, however, initiate a directional movement intraday.
The pair EUR/USD is currently trading at 1.1800 on the Forex.
Chart EUR/USD H1
This chart has been realized with the trading platform TradingStation 2 provided by FXCM France.