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EUR / USD enters consolidation after the new breakthrough on Forex yesterday.
While the bearish bias still prevailed, the Euro Dollar managed to break below 1.1300 yesterday, following the announcement of a desire by Trump to introduce customs taxes on vehicles next week.
Since the threshold of 1.1300 plays the role of resistance, but a new support is found around 1.1275.
This morning's breakout attempt failed at 1.1267, and we are now in the 1.1275 / 1.1300 range.
The short-term bias remains downward, but the wait-and-see approach and prudence prevent a strong evolution of the Euro-Dollar.
Indeed, in addition to the statistics of the economic calendar of this afternoon, with US GDP at 14:30 and sales of new housing at 16h, as well as the speech of Fed Chairman Powell at 18h, the markets remain attentive to the news rich of the moment.
In the UK Theresa May is trying to convince members of parliament to get a favorable vote and ratify the EU withdrawal text. In Europe discussions are continuing between Italy and the EU to try to avoid sanctions. And in the United States, we expect more developments on taxes announced yesterday, and the meeting between Trmp and Xi on trade on the sidelines of Friday's G20.
Several influential Forex issues are therefore pending, and could bring volatility on EUR / USD by the end of the week. Caution is therefore required.
In terms of technical thresholds, supports can be identified at 1.1275, 1.1250, 1.1215 (annual trough) and 1.1200. Resistances come at 1.1300, 1.1330, 1.1344 / 50, and 1.1374 / 85.
Currently, the EUR / USD is trading around 1.1285 on Forex.
EUR / USD H1 Chart
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