EUR/USD attempted a rebound, but the risk of a bearish reversal remains high

© O Financista.

The EUR/USD goes up this Thursday, but not enough (for the moment) to remove the risk of a bearish reversal that we mentioned yesterday.

After having been the subject of a release under the 200-day moving average at 1.1149, the Euro-Dollar has, therefore, in a first part of the day waned to a low of 1.1110, a threshold around which the pair has found support with the assistance of the moving average 200 hours close to this threshold.

After a few hours of consolidation in this zone, an upturn is then formed very early this Thursday morning.

However, while the mid-day approach, the moving average 100 hours to 1.1138 seems to act as resistance, and blocks the continuation of the rise, not to mention the fact that the obstacle of yesterday, the 200-day moving average at 1.1149, is located little above.

In the end, one may consider the area of 1.1135-50 as a major barrier, currently, which implies downside risks important.

If the Euro resumes actually its fall against the Dollar, will be monitored first of all, the moving average 200 hours to 1.1120, then the psychological threshold of 1.11, and the moving average 100 days to 1.1065 as targets sellers potential.

If, on the contrary, the Euro-Dollar manages to overcome the key obstacle cited earlier, the next targets potential buyers will be on 1.1175 (top of this week), and then on 1.12 (the peak of the last week).

Finally, it should be noted that after a morning of little in charge of important events for the Euro or the Dollar, the afternoon will be more dense, with the BoE meeting at 13h, the entries in weekly jobless claims and the index of the Philadelphia Fed at 14: 30, then existing home sales US 16, of which have a significant influence on the exchange if the figures deviate from the consensus.

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