The pair EUR/USD breaks above 1.1775, and tests the area of 1.18 on the Forex.
In fact, while the hesitation had dominated the session today, despite good figures of CPI core in the euro zone this morning, we were at the end of the session, a new flare-up has led to record new highs.
Note that there have been no new special behind this movement. A light pulse upward had been given following the Chicago PMI, but the approach of the closing european, marking the end of the month, could better explain the adjustments of positions that have pushed the pair higher.
The new vertex is now set to 1.1796, just below the threshold of 1.1800.
Upward pressure could continue in the very short term, with targets at 1.1800, 1.1820 and 1.1850.
The downside, first supports come to 1.1775, 1.1750 and 1.1720. Below, we could have an acceleration in the direction of the 1.1700, 1.1680 and 1.1650, before the important threshold of 1.1620.
Also note the moving averages 100 and 200 on the hourly chart that remain firmly tilted to the upside, and that provide dynamic supports, now at, respectively, 1.1697 and 1.1653.
As noted in the Trading session Live Pfxpremium this afternoon, the IHR had found a support around the level of 50 was an important element, indicating a possible continuation of the rise of the pair EUR/USD in the very short term.
Finally, note that we will have an economic calendar pretty busy tomorrow, with the manufacturing PMI of the euro area, the unemployment figures in Germany, the GDP for Q2 in the euro zone, the PCE core in the US and the ISM manufacturing index. Therefore, several important publications to watch for tomorrow, which could slow down the current upward movement of EUR/USD in the meantime take note of these statistics.
The pair EUR/USD is currently trading at 1.1785 on the Forex.
Chart EUR/USD H1
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This chart has been realized with the trading platform TradingStation 2 provided by FXCM France.