The trend remains bearish on the Euro-Dollar
Investing.com – The trend is still heavy on the EUR/USD pair on Tuesday morning, after the bearish reversal validated yesterday, and the fall of more than 70 pips from the peak to the trough daily which could be observed.
It will be recalled that the decline of the Euro-Dollar was based on two factors : The rise in the Dollar, which has then led to breaks important techniques that have given rise to an acceleration to the downside.
This morning, the european PMI indexes of the end-services of the month of February, which is above the expectations, in particular in Spain, in France, in Germany and for the Euro Area as a whole do not seem to be sufficient to lead to a rebound of the EUR/USD for the moment
The trend of short-term therefore remains negative at this stage of the day, but unlike yesterday, the economic calendar Tuesday will be especially busy, with retail sales in the Euro Zone at 11am, and then the PMI services US 15: 45, and the ISM services and the sales of new housing at 16h.
However, it is possible that the traders remain hesitant today, because of the perspective of the most important events of the week from tomorrow with the ADP report, and then especially on Thursday with the ECB meeting, and Friday, with the report to the NFP on job creation, US.
From a technical point of view, the first media to monitor are 1.1308 (low of yesterday), and then on the psychological threshold of 1.13, and 1.1275, 1.1250 and 1.1233, the lowest point reached so far this year.
Has the upside, initial resistance can be found at 1.1340-45, prior to 1.1360. Above this threshold, the current context of a bearish reversal would be put in question.
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