EUR/USD Aug. 16: Stops to Rest Before Next Falls
At the wake of the new week, EUR/USD touched based with the strong support line, but later went up and corrected some of last week’s disastrous losses. Here’s a quick update on fundamentals, technicals and community trends.
EUR/USD Technicals
- Asian session: After closing last week with a loss of over 500 pips, the Asian session sent EUR/USD to fresh lows – 1.2734, just above the important and strong 1.2722 support line, and then corrected to 1.2794, just before the beginning of the European session.
- Current Range: 1.2722 to 1.2880.
- Further levels: Below, 1.2611, 1.2460 and 1.2330. Above 1.2932, 1.30 and 1.3114.
- More: EUR/USD lost a two month uptrend channel and is now looking to form a downtrend channel.
EUR/USD Fundamentals
- Japanese GDP was weaker than expected – only 0.1%. More world slowdown triggers risk aversion and pressures the Euro.
- 9:00 GMT – European Final CPI – Exp. +1.7. Core CPI, +1%.
- 12:30 GMT – US Empire State Manufacturing Index. Exp. 8.1 points.
- 13:00 GMT – US TIC Long-Term Purchases. Exp. +36 billion
EUR/USD Sentiment
- Market is in risk aversive mood. This means that bad US indicators are dollar positive.
- Currensee Community: 55% are Short, 45% are long. These are 830 open positions in real accounts trading this pair at the moment.
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