EUR/USD: robust statistics US going to derail the rebound?

© O Financista.

By David Wagner

While its graphic profile suggested clearly sales opportunities in the beginning of the week, the pair EUR/USD has rebounded yesterday and has accentuated its rebound today, marking a peak at 1.1170 in the early afternoon on Thursday, after a weekly low at 1.1104 Tuesday.

The economic calendar, quite empty up to now, has not provided justifications are clear for the rise of the Euro, although it can be assumed that an appetite for moderate risk facing the prospect of (and response to) the agreement on China-USA, which was signed yesterday evening has boosted the Euro, against the Dollar, viewed as a safe haven.

From a technical point of view, it should be noted that the upward movement of yesterday and today has helped the EUR/USD back above its 200-day moving average, after breaking below this level key last week.

However, it seems that it is still too early to estimate that the sales opportunities are no longer relevant, because the Euro just to come back within the uptrend channel where it was released from the bottom last week.

Moreover, in the short term, we can see that EUR/USD is weakening this afternoon in front of the release of us data much better than expected.

The retail sales and the manufacturing index of the Philadelphia Fed for the month of December turned out to be above expectations, which support the Dollar on the Forex.

The reaction, however, remains for the moment quite limited, and only a return below the 200-day moving average currently at 1.1138 would consider again in the serenity of the trades sellers in the short term on EUR/USD.

In this case, the psychological threshold of 1.11, the low of last week at 1.1085 and the moving average 100 days to 1.1062 will be the first targets of the most obvious.

If the rise persists and the EUR/USD is back within its former uptrend channel, the psychological threshold of 1.12 will be the first important objective, before the peak of the December 31, 2019 at 1.1240, then the psychological threshold of 1.13.

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