EUR/USD: Euro stabilizes, rebound or further drop to end the week?
Investing.com – The EUR/USD pair seems to be stabilizing in the short term this Friday morning, after the Euro has posted new losses yesterday, with a low of 1,1215, a threshold that appears as an immediate support, this morning.
Recall that the EUR/USD had suffered yesterday from the rise of the Dollar, which has ignored several statistics US disappointing, and, in particular, a downward revision of GDP US Q4 2018.
The uncertainty surrounding the Brexit was also a dominant factor in the weakness of the single currency yesterday, and this folder will remain in the foreground on Friday, with a new vote of the british Parliament to the program.
Mps UK will vote for the third time on the agreement of exit from the EU proposed by Theresa May. It has already been rejected twice, but this time, the result could be different, the first minister, who promised to resign if the Parliament agrees to validate the agreement that it offers.
The trade war China-USA could also go on the front of the stage today, as the Trade representative US Lightizer and the secretary of the Treasury Mnuchin arrived yesterday in Beijing for discussions with the deputy prime minister chinese Liu He. Any statement of these figures should be taken into account with attention.
Side economic calendar, there are also several potential sources of volatility, starting with the figures of the German unemployment, at 9: 55. In the United States, we will have to wait first of all household spending and the consumer price index Eoc EOC at 13.30, before the index, Chicago PMI at 14.45, and then the sales of leogements new 15h.
From the point of view of technical analysis, the downward trend started due to peaks post Fed on Wednesday of last week remains valid. The next support to break to confirm the trend is the low of yesterday to 1,1215. Lower the psychological threshold of 1.12 and 1,1175 will be the next support potential to monitor.
Has the upside, a rebound rapidly the EUR/USD in the face of resistance from 1,1250, before a more important barrier to 1.13, a threshold above which the bearish view immediate would be put in question.
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