The EUR/USD pair remains strong in the very short term after having failed on the support of 1.1720.
After a period of evolution in the range of 1.1720/1.1775, the upward pressures in intraday have allowed the pair to break the resistance.
However, the increase remained limited, halting on the threshold of 1.1800.
The bounce may not be over at this point, and we could still continue on in the direction of 1.1825, as a hold-over of 1.1775.
If EUR/USD manages to push beyond the 1.1825, breaking what was previously an important support, it could encourage a return of buyers in the market and push the pair higher.
So we could quickly get back to the 1.1850/60 then possibly the 1.1900 and 1.1920 above. A return to the 1.1980/1.2000 would then not be possible.
The reduction, therefore, we have an immediate support on the 1.1775, below which we will have 1.1720, followed by 1.1700 and 1.1680.
A possible break below 1.1680 could revive the bearish correction in the short term, targeting the area of 1.1600/1.1580, with thresholds of intermediate and 1.1650 and 1.1620.
Overall, the more we stay above the 1.1720 the greater the risk of rebound increase, but it will have to break above the 1.1825 to have an upward movement and therefore more.
Tomorrow we will follow on the economic calendar, the euro zone’s CPI, the PCE core US, as well as the confidence of consumers UMich.
The pair EUR/USD is currently trading at 1.1780 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.