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The Euro-Dollar maintains a short-term upside in the Forex, after trying to fall in the first half of the day in the face of concerns over possible US tariffs on European vehicles, before being supported by US statistics disappointing.
Recall that EUR / USD had made significant progress last night, in the face of the decline of the Dollar linked to a dovish intervention by Jerome Powell, the boss of the Fed.
Forex traders are looking forward to tonight's Fed Minutes to confirm or deny the dovish twist suggested by Powell's speech last night.
If the Fed really wants to temper the market's expectations in terms of rate hikes, tonight's Fed Minutes should provide new signals, and could allow the EUR / USD to rebound.
On the other hand, if the Fed Minutes do not show a dovish dip on the part of the Federal Reserve, the Euro could correct much of its gains yesterday.
From a graphical point of view, it should be noted that the psychological threshold of 1.14 which blocked the rise of the day constitutes an important immediate resistance, before 1.1420-25, 1.1450, 1.1475 and 1.15.
On the downside, the support of 1.1350, which also corresponds to the Fibonacci retracement of 38.2% from yesterday's hike, will be the first solid support before 1.13, 1.1265, 1.1250, 1.1215 and 1.12.
To summarize, we will first monitor terminals 1.1350 – 1.14 in the face of the publication of the Minutes of the Fed.
Currently, the EUR / USD is trading around 1.1385 on Forex.
EUR / USD H1 Chart
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