EUR/USD Forecast: Euro could extend rebound if it clears 1.0840-1.0850

EUR/USD registered small gains on Monday and touched a daily high of 1.0840 in the Asian session on Tuesday. The pair seems to be struggling to gather

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR /JPY .Later in the day, July JOLTS Job Openings data from the US will be watched closely by market participants.

Investors will also pay attention to the action in major US equity indexes. US stock index futures trade flat in the European session, failing to provide a clue regarding the risk perception. An extended risk rally in Wall Street could hurt the USD.The upper limit of the descending regression channel and the 50-period Simple Moving Average form an important resistance area at 1.0840-1.0850.

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