EUR/USD: The Euro fluctuates after yesterday’s rally, the return of the drop imminent?

© O Financista.

After having accentuated his fall to a low point on the psychological threshold of 1.12 yesterday, the Euro-Dollar has started a rebound that has given rise to a summit at 1.1243 this morning, but the pair now seems to hesitate.

Yesterday, the IPC european higher expectations in reading final had supported the Euro, but a generalized decline of the Dollar had also helped EUR/USD to go up.

Today, the market’s attention will be mainly focused on the index of the Philadelphia Fed, which is expected to rise to 5 points after 0.3 points from the previous month.

From a graphical point of view, the pair EUR/USD is stuck for several hours in a range narrow, with the moving average 100 hours to 1.1243 for resistance immediately. In addition, the pair hovers around the moving average 200 hours currently located at 1.1238.

And even in the case of a break above the moving average 100 hours, the threshold 1.1250 could also appear as a resistance a few pips higher.

At this stage, it is therefore still too early to speak of a bullish reversal for the EUR/USD, and as long as the threshold of 1.1250 will not be returned, a return of the decline will appear to be more likely than a continued rise.

If the sellers have made a strong comeback, the media monitor will be located at 1.1220, 1.12 and 1.1180, a threshold below which it would be possible to aim for more ambitious targets, including the low annual 1.1106 in the line of sight.

In the event of a rise above 1.1250, 1.1280 and 1.13 will be the next resistances to be overcome so that the balance shifts eventually to the rise of a graphic point of view.

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