The pair EUR/USD back on Forex, but needs to break resistance to reinforce the upside risks.
In fact, the last downward phase of very short-term since the zone of 1.1860 has found a support in the area of 1.1724.
This has caused a rebound above the 1.1750, followed by a consolidation today between this threshold and the resistance of 1.1775.
The upside pressures could strengthen during the next hours, but it will break the obstacle of 1.1775 to enhance the prospects of increase in the direction of 1.1800, 1.1825, and then the zone of 1.1850 which is a including the terminal high of the triangle consolidation in the short term.
Below the lower bound, we find immediately the important support zone of 1.1720/1.1680, which may be difficult to break without the catalyst.
We are heading potentially towards a further consolidation of the short-term by the ECB meeting on Thursday, which could bring a more sustained with its change of parameters of monetary policy.
Tomorrow we will follow on with the economic calendar the German IFO, the durable goods orders and US new home sales US. So we could have volatility in intraday, but the major movements may wait for the ECB on Thursday.
The pair EUR/USD is currently trading at 1.1765 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.