The EUR/USD pair attempted to bounce on the Forex, but the movement remains limited pending the decision of Trump tonight.
In effect, the consolidation in the narrow range between 1.1620 and 1.1660 ends on a breakout bullish above the resistance, with a peak at 1.1686 due to leaks on the tax reform, which weighed on the Dollar on the Forex.
The upward movement remains somewhat limited, while EUR/USD falls around 1.1660.
We are now waiting for the announcement from Donald Trump regarding the appointment of the new future President of the Fed, which should be made to 19h.
The expectations have grown over time, and the markets now expect that Powell will be appointed to this position. Yet we are never safe from a surprise with Trump…
On the front of publications, we note also that the traders are waiting for the NFP tomorrow.
The bearish view remains in place on EUR/USD below 1.1660, and the immediate risks are tilted towards a break below 1.1620 for a new test of 1.1580.
However, the risks of rising above 1.1660 are not to be neglected.
A break of the range in the 1.1580/1.1660 remains, therefore, generally necessary to observe a new trend of very short-term, while the bias remains tilted to the downside under the 1.1660.
Above 1.1660, we could go back in the direction of 1.1680, 1.1700 and 1.1720.
Below 1.1580, the decline would resume towards the 1.1550 and 1.1500/1.1490.
The pair EUR/USD is currently trading at 1.1655 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.