© O Financista. EUR/USD might consolidate before the ECB
The EUR/USD pair accelerated its fall yesterday, marking lows on 1.1290, but the area of the psychological threshold of 1.13 could help to stop the decline, at least in the expectation of the ECB meeting tomorrow.
Recall that yesterday, two economic indicators US had boosted the Dollar, leading to mechanically the pair EUR/USD in a new trend of decline, after the confirmation of a bearish reversal on Monday.
The service ISM and new home sales had far exceeded expectations.
Today, it is on the ADP report as traders interested in the EUR/USD will focus. The consensus anticipates 189k jobs, down from 213k in the previous month. Any positive surprise or negative influence without a doubt on the expectations for the report to the NFP on job creation, US of a Friday, similar but traditionally much more influential.
From a graphical point of view, the bearish reversal of the beginning of the week remains valid, and the trend of the EUR/USD is now negative in the short term, with a line of downward trend that stretches since last Friday.
It will be recalled, moreover, that the moving average 100 hours is spent yesterday under the moving average 200 hours yesterday, a large bearish signal, which is added to the previous indices of the reversal of Monday.
For the reduction, the area of 1.1290-1.13 is the first medium to take into account, before 1.1275, 1.1250, then 1.1233, the low annual 2019.
The increase, the trend line is bearish, cited above, and currently located at 1.1310 will be the first obstacle to watch for, before the area around 1.1325, and then 1.1350-55, a threshold above which the bearish view is visible from the beginning of the week would be put in question.
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