EUR/USD: Euro tries timidly to bounce, but the trend remains negative


EUR/USD is attempting a rebound

Investing.com – The Dollar weakened on Tuesday after-noon, which allows the pair EUR/USD to rebound, the pair rose on the day, after 6 consecutive sessions of decline.

No particular reason seems to motivate this movement, which is probably a result at least in part of profit-taking, EUR/USD and the Dollar Index has recently reached extreme levels, to the downside for the Euro and rise for the Dollar.

From a technical point of view, the Euro-Dollar is, however, still far from suggesting a possible bullish reversal. The downward trend is visible from the top of the January 31, 1.1514 remains valid, and will remain so as long as the EUR/USD does not fall back above 1.1350.

For the moment, 1.13 is the next resistance on the way to the Euro, before the trend line is downward visible from the peak of 31 January and currently located at 1.1315 about, and then the moving average 100 hours at 1.1328.

Has the decline, the low of the day at 1.1257, also hollow annual 2019, will be the first support to be taken into account before the low of last year at 1.1214.

Finally, it will be recalled that the only statistic potentially influential of the afternoon will be the report JOLTS on the jobs offers in the US, expected to 16h.

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