The pair EUR/USD, which threatened to enter more eng,freshly in a correction phase up to the mid-day, finally manages to bounce back and maintain an upward bias, with the help of the news.
The Dollar appears to be in effect penalised by new tweets from Trump intended to criticize the Fed and to put pressure on the central bank so that it lowers the rates further, and more quickly.
It will be recalled also that the EUR/USD pair had risen in recent day on the background of aggravation of the trade war China-USA, which increases the risk of seeing the Fed reduce its rates further.
After a peak at 1.1250 Monday, the EUR/USD had, however, begun to hesitate, no doubt, in part, on the background of profit-taking, before rebounding. This morning, the Euro was then in decline, in the face of the disappointment of German industrial output for the month of June, fueling speculation about a possible recession for the first economy of Europe.
The rebound posted this afternoon was however more than offset the downward impact of the German statistic, and the possibilities of new peaks remain open.
For the moment, the EUR/USD has marked a peak daily at 1.1240, but a new test of 1.1250 is not to be excluded. Beyond that, 1.1280 and 1.13 will be the next resistance.
For the reduction, the area of 1.1215-20 appears as an immediate support, before the low of yesterday at 1.1165, then 1.1150, which is currently the moving average 100 hours.
We can estimate that the graphical profile of the Euro-Dollar will remain positive as long as the pair will retain this threshold level of 1.1150.
