© O Financista. Several factors argue for the downside on EUR/USD
Investing.com – The EUR/USD pair retains an overall profile bearish on Tuesday, after some hesitation yesterday.
It should be remembered that the Euro-Dollar had shyly explored the rise with a peak at 1.1331, thanks in part to the surprise from the IFO index of business climate in German published in the morning, and that was above expectations.
However, the weight of the bearish trend of the background, and the concerns about Brexit, among other factors troublesome for EUR/USD, had prevented the beginning of the bounce to lead to an acceleration upward and consistent, and it is in the end the hesitation that dominates the EUR/USD currently.
As though unable to materialize a bullish movement, the pair has still managed to avoid a return to below 1.13.
This psychological threshold will therefore be the first hurdle to be monitored by the those who would be tempted to bet on the decline of the Euro-Dollar.
Below this level, the next supports will be identified to 1.1275, 1.1250, 1.12 and 1.1175.
Has the upside, the former support of 1.1335, the moving average 200 hours to 1.1338, the moving average 100 hours to 1.1345 and the former resistance 1.1350-60 constitute an important area of resistance.
As long as the EUR/USD remains below this area, the probability will remain, according to us-side vendors. Beyond, the summit last Friday at 1.1390, the psychological threshold of 1.14, and the area 1.1445-50 will be the next resistance to monitor.
Finally, it should be noted that the economic calendar of the day will feature some news out of the US that may influence trade. At 13: 30, the investor will wait in effect permits US for the month of February, the anticipated decline of -1.3% after +1.4% in the previous month.
Later at 15h, it is then on the consumer confidence index US the Conference Board that he will need to focus on.
The consensus expects an increase to 132 points after 131.4 previously.
Recall that in the month of February, the index had greatly exceeded expectations, bringing to an end a run of three consecutive declines that had reduced the consumer confidence in US at lowest level since September 2017.
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