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.

Want to see what other traders are doing in real accounts? Check out Currensee. It’s free..

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.

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.

EUR/USD Aug. 25: Holding to Support Amidst Global Slowdown

EUR/USD managed to hold on to the support line, moving between terrible housing figures in the US and fresh debt worries in the Euro-zone. Will it proceed and break lower? Here’s a quick update on technicals, fundamentals and community trends.

EUR/USD Aug. 24: Sliding To Next Support – New Plunge Coming?

EUR/USD continues losing ground and is now approaching the next line of support. Will it bounce here or break this line and drop faster? Here’s a quick update on fundamentals, technicals and community trends.

EUR/USD Aug. 23: Euro Consolidating After Big Fall

The big fall on Friday left EUR/USD at lower ground, and it’s now consolidating. Will manage to recover? Or will it continue downwards? Here’s a quick update on fundamentals, technicals and community trends.

EUR/USD Outlook – August 23-27

After losing the uptrend support line, another busy week expects Euro traders, with many important surveys due this week. Here’s an outlook for the 9 events that will shape the Euro’s trading, and an updated technical analysis for EUR/USD, now at lower ground. EUR/USD chart with support and resistance lines marked. Click to enlarge: The [...]

EUR/USD Aug. 20: Euro Around Long Term Support Again

EUR/USD made a round trip and now returned to the area of the long term uptrend support. Will it close the week above the line? Or will it collapse? Here’s a quick update on fundamentals, technicals and community trends.

keep looking »

  • Forex Crunch

    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...

  • Stay up to date!

    Subscribe By Email

    Enter your email address:


    Trade together with Currensee

    Search

  • Forex Crunch Pages

  • Forex Categories

Bad Behavior has blocked 2099 access attempts in the last 7 days.