EUR/USD tries to build on its rebound, but the bias remains bearish
Investing.com – After you have displayed a very strong dip in the face of a meeting of the ECB is much more dovish than expected last Thursday, the EUR/USD had bounced on Friday, thanks in part to the report to the NFP for the month of February present a mixed picture.
Recall that the EUR/USD had marked a low of 1.1175, its lowest level since June of 2017, but had quickly regained the psychological threshold of 1.12.
On Monday morning, the bounce increases with a peak at 1.1250 for the moment, but the underlying trend remains negative.
Today, it is mainly the retail sales in US in the month of January that will likely influence trade on the pair EUR/USD, at 14: 30. The consensus is anticipating a rebound after the bad figures of the previous month, which could help support the Dollar.
The theme of the commercial war China-USA will also need to be monitored on Monday, after some information encouraging them to believe that an agreement is not as close as one might think.
From a graphical point of view, in addition to immediate resistance at 1.1250, the moving average 100 hours currently at 1.1269 will be considered as an important obstacle, before 1.1285, and then the psychological threshold of 1.13, and the moving average 200 hours to 1.1318 today.
Beyond this threshold, the negative bias of background would be questioned, and will be monitored then the resistance of 1.1350-55, 1.14 and 1.142 objectives are bullish potential.
If the decline picks up, the psychological threshold of 1.12, and the lows of the last week 1.1175 will be the first carriers to take into account.
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