EUR/USD: Euro declines slightly, but has several technical support

The Euro is losing ground, but multiple media approach

The EUR/USD pair appears slightly lower since the re-opening of the forex yesterday evening, with a hollow at 1.1421.

The Dollar appears to be in effect promoted since the beginning of the week, in connection with a tweet from the US president Donal Trump who has claimed that the negotiations with China are progressing well :

Today, investors will have nothing to put in the tooth in terms of the statistics expected in the economic calendar, with a program that is totally empty. It should also be noted that the liquidity is reduced, with the absence of many investors for the year-end holiday season, which makes trading more risky.

Technical update EUR/USD

From a graphical point of view, although the Euro’s fall from the top to 1.1472 of Friday, we can identify multiple supports, which could limit the downside in the short term.

We can indeed observe in hourly data and a line of downward trend visible since the low of 1.1342 last Wednesday, currently located at 1.1425. The moving average 100 hours is slightly low at 1.1410, not far from the moving average 200 hours at 1.1404, and also close to the psychological threshold key of 1.14.

The area of 1.1400-1.1425 looks like a solid support in the short term. A break below this area would attract, without doubt, the attention of the market towards the next support 1.1350, 1.13, 1.1270 and 1.1215.

The increase, 1.1450 is the first resistance to be credible, before the summit of the last week, 1.1472, and then to the summit of the previous week at 1.1485, and the psychological threshold key of 1.15.

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