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Scope, among others, by the weakness of the Dollar against the ISM manufacturing index disappointing, the EUR/USD pair rose strongly yesterday, and retains the bulk of its gains this Tuesday morning.
Note that The manufacturing ISM for the month of November has indeed displayed a fall surprise to 48.1 points, after 48.3 in the previous month, and while the consensus had expected a rise to 49.2 points, while spending on construction published at the same time did nothing to support the Dollar, with a decline of 0.8% for the month of October against a rise of 0.4% expected on average by economists.
After a low day at 1.1002 in the early afternoon, the EUR/USD pair has shown a rally up to a peak at 1.1090, and evolving towards 1.1075 this Tuesday morning.
From a graphical point of view, it should be noted that the Euro-Dollar has sent a bullish signal key by posting a daily close above its moving average of 100 days for the first time since 4 November.
The ability of the pair to retain this threshold the key will be determining for its evolution in the short term.
If this threshold is retained this Tuesday, and as the increase continues, the next potential objective result will be the psychological threshold of 1.11, and then the 200-day moving average at 1.1160, before the resistance of 1.1175-80 (peaks of 21 and 31 October and 4 November), and then the psychological threshold of 1.12.
If the EUR/USD went back below the moving average 100 days, 1.1050, 1.10 and the low of last week to 1.0980 will be the first targets potential sellers.
Finally, it should be noted that the economic calendar Tuesday will not contain any indicator that a european or an american likely to influence the decisions of the traders, which argues for a consolidation.