EUR/USD: bearish Reversal pending confirmation for the Euro-Dollar?


© O Financista. EUR/USD may return to the lower

Investing.com – The EUR/USD pair has posted an opening gap to the upside last night at the reopening of the forex trading, but quickly erased these gains, returning to levels of closing of Friday in the early european session, in the area of 1.1365.

Recall that last week, the bullish trend of the EUR/USD pair had brought to new heights, to 1.1420, the highest since February 5.

However, in a second time, the Euro-Dollar had shown multiple signs of weak, to the point of threatening currently to validate a bearish reversal.

For this to be confirmed, the EUR/USD will however break under the support area of 1.1350-60, which has served as support at the end of last week and which currently contains the moving average of 200 hours.

Further down, the next potential supports can be found at 1.1320-25, 1.13, 1.1275, 1.1250 and 1.1233, the lowest point reached in 2019, for the moment.

From the point of view of fundamental analysis, it should be noted that the economic calendar will be empty on Monday, no statistical significant is expected neither in Europe nor in the United States, depriving the EUR/USD pair for any potential catalyst in terms of economic data..

We will monitor, however, any statements regarding the trade negotiations in China, USA, after the Wall Street Journal has revealed over the weekend that the two countries would be close to an agreement, according to its sources.

The Brexit remains a subject potentially affect the pair EUR/USD, particularly because of the impact of the file on the GBP/USD, given the correlation between the two pairs.

Finally, it should be noted that if the EUR/USD pair manages to bounce back, the potential resistances will lie at 1.1380, 1.14 and 1.1420 in a first time.

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