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The rebound initiated last night on the EUR / USD following a low at 1.1185, 10 pips from the lowest annual 2019, continues today, with a daily high of 1.1254 for now.
Indeed, the Euro is benefiting from PMI end-services indexes in March that are higher than expected in Europe, a considerable consolation prize after the very poor figures published in the first estimate.
However, although the EUR / USD has regained about 70 pips since last night, the underlying downtrend remains valid.
This will remain the case as long as the resistance barrier of 1.1250 and the 200 hour moving average at 1.1256 has not been crossed.
Beyond that, the downtrend would begin to be questioned, but it will be too early to consider the purchase. Only a return above the psychological threshold of 1.13 would indeed consider a reversal bullish a little sustainable on the Euro Dollar.
If the decline resumes, the 100-hour moving average at 1.1220 will be the first support, before the psychological threshold of 1.12, yesterday's low at 1.1185, and the lowest annual 2019 at 1.1175.
It will be recalled that the fundamental factors will remain in the spotlight this afternoon, with several economic indicators to watch, including the ADP report at 14:15, the US services PMI at 15:45, and the ISM US services at 16h.
Apart from this, it will also be recalled that Vice Premier Liu He is traveling to Washington today to continue negotiations to end the trade war, which could lead to influential statements or leaks.
Currently, the EUR / USD is trading around 1.1245 on Forex.
EUR / USD Chart H1
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