EUR / USD: The pair remains well oriented this weekend, towards a test of 1.20 today? :

After new lows yesterday, the EUR / USD pair has finally rebounded sharply, returning to settle above 1.19.

Recall that EUR / USD had started the day down, with a low at 1.1808, before rebounding sharply, to win more than 100 pips with a peak at 1.1930 in the afternoon.

Macroeconomic news and the calendar had little responsibility for this increase, which seemed to be mainly based on technical factors.

Indeed, the dip marked yesterday morning following the disappointing European CPI brought the pair on the low end of a medium-term uptrend channel (in green on the chart), which attracted buyers, giving rise to the rising phase in which we still find ourselves this morning.

Today, the rise could therefore continue, possibly in the direction of 1.20, if however the pair does not go back under 1.19. Note however that in the event of a continuation of the rise, EUR / USD will face several obstacles before 1.20, in particular with the resistances of 1.1945 and 1.1960.

Finally, with regard to the economic calendar, we will have to watch this morning the new estimates of the European PMI, then the ISM Manufacturing US, this afternoon at 16h.

Currently, the EUR / USD is trading around 1.1915 on Forex.
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