EUR/USD Aug. 31 – Uptrend Channel Lost, Falling To Support

EUR/USD lost ground steadily, fell below the uptrend channel and is approaching an important support. Will it collapse or bounce on this busy day? Here’s a quick update on technicals, fundamentals  and community trends.

eur usd forecast aug 31

EUR/USD within new uptrend channel, that began last week. Click to enlarge.

EUR/USD Technicals

  • Asian session:  EUR/USD continued the gradual fall, going under the minor support line of 1.2665.
  • Current Range is between 1.2610 to 1.2665
  • Further levels: Below, 1.2610, 1.2460, 1.2330 and 1.2150. Above  1.2722, 1.2840, 1.2930, 1.30 and 1.3110.
  • Uptrend channel lost: EUR/USD trades in an uptrend channel. Uptrend support began from the lows it reached on August 24th through a low on August 25th. Uptrend resistance began on a swing high on August 24th and was formed on August 26th. This is a notable line. EUR/USD lost it.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 7:55: German Unemployment Change. Exp. -19K.
  • 9:00: Unemployment Rate. Exp. 10%.
  • 9:00: CPI Flash Estimate. Exp. 1.6%.
  • 13:00: US S&P/CS Composite-20 HPI. Exp. +3.8%.
  • 13:45: US Chicago PMI. Exp. 57.3.
  • 14:00: US CB Consumer Confidence. Exp. 50.7.
  • 18:00: US FOMC Meeting Minutes.

EUR/USD Sentiment

  • Market is in risk aversive mood. This means that bad US indicators are dollar positive, although devastating figures that we’ve seen in recent days just shocked the markets.
  • The 1.2610 line is critical on the downside.
  • This is a busy week, with the Non-Farm Payrolls at the end of it. Note the European unemployment rate that is a burden on the Euro, and the FOMC Meeting Minutes, which follow the groundbreaking decision to pump more money into the economy, the statement that enhanced the talks about a double dip recession.
  • Currensee Community: 55% are Short, 45% are long, with shortists having the upper hand. This is a slight change from yesterday’s 57:43 ratio.These are 952 open positions in real accounts trading this pair at the moment.

Note – This is a new and still experimental section on Forex Crunch. It’s still in development.

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EUR/USD Aug. 30 – Tight Trading in New Uptrend Channel

EUR/USD began this busy week with continued tense range trading, in a new uptrend channel that formed. Will it manage to break higher or collapse again below the channel? Here’s a quick update on fundamentals, technicals  and community trends.

Forex Weekly Outlook – August 30 – September 3

The summer ends with a very busy week, including GDP releases, the European rate decision and many American figures culminating in the king of forex – Non-Farm Payrolls. Here’s an outlook for the 14 major market moving events. The notion of a double dip recession in the US strengthened in the past week, especially with [...]

GBP/USD Outlook – August 30 – September 3

The upcoming week is packed with events, with PMI figures in the limelight. Here’s an outlook for the British events, and an updated technical analysis for GBP/USD. GBP/USD daily chart with support and resistance lines marked. Click to enlarge: The Pound dived lower in the past week, but managed to recover, with a boost coming [...]

NZD/USD Outlook – August 30 – September 3

4 events await kiwi traders in the upcoming week, with the business confidence being the highlight. Here’s an outlook for the events in New Zealand and an updated technical analysis for NZD/USD. NZD/USD daily chart with support and resistance lines marked. Click to enlarge: The kiwi saw tensed range trading in the past week and [...]

AUD/USD Outlook – August 30 – September 3

A very busy week expects Aussie traders, with GDP and 12 other events to rock the currency, that still shakes by the election results. Here’s an outlook for the Australian events and an updated technical analysis for AUD/USD. AUD/USD daily chart with support and resistance lines marked. Click to enlarge: The elections ended in a [...]

USD/CAD Outlook – August 30 – September 3

The Canadian dollar expects another rather calm week, but with one key event to rock it – GDP. Here’s an outlook for the Canadian events and an updated technical analysis for USD/CAD, now on higher ground. USD/CAD daily chart with support and resistance lines marked. Click to enlarge: Weak retail sales and the growing notion [...]

EUR/USD Outlook – August 30 – September 3

The calendar is packed for the Euro in the upcoming week, with the rate decision being the highlight. Here’s an outlook for European events and an updated technical analysis for the ranging EUR/USD. EUR/USD daily chart with support and resistance lines marked. Click to enlarge: Echoes from the downwards revision of US GDP and also [...]

EUR/USD Aug. 27: Tight Range Trading Before GDP

EUR/USD climbed higher but couldn’t convincingly break the resistance line. After many hours of range trading, all is set for the grand finale of the week. Will it manage to break higher or collapse? Here’s a quick update on fundamentals, technicals  and community trends.

EUR/USD Aug. 26: Euro Attempts a Recovery

EUR/USD managed to weather the fresh wave of bad US figures and to edge up towards the resistance line. Will it recover? Here’s a quick update on technicals, fundamentals and community trends.

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    Forex Crunch is a blog all about the foreign exchange market. It includes and will include: tutorials, basics of the forex market, daily and weekly forex analysis, technical analysis, forex software posts, and whatever is related to Forex. Forex Crunch aims to deal with forex trading, but with a more personal touch. More...

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