EUR/USD Aug. 17: Will Consolidation End?

The Euro made some limited gains, but failed to break above the resistance line. It now trades in a very narrow range. When will it explode? This busy day could send it out of range.  Here’s a quick update on fundamentals, technicals and community trends.

EUR/USD Technicals

  • Asian session:  EUR/USD consolidated in a very narrow range during the Asian session, between 1.2805 and 1.2865.
  • 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 consolidating. It still hasn’t violated a lower uptrend channel.

EUR/USD Fundamentals

  • 8:00 GMT – European Current Account. Exp. -3.7 billion.
  • 9:00 GMT – German ZEW Economic Sentiment. Exp. 20.9 points.
  • 12:30 GMT – US Building Permits. Exp. 580K.
  • 12:30 GMT – US Housing Starts. Exp. 570K.
  • 12:30 GMT – US PPI. Exp. +0.2%. Core PPI +0.2%.
  • 13:15 GMT: US Industrial Production. Exp. +0.5%.
  • 13:15 GMT: US Capacity Utilization Rate. Exp. 74.,6%.

EUR/USD Sentiment

  • Market is in risk aversive mood. This means that bad US indicators are dollar positive.
  • Today’s busy day could move the pair out of narrow range.
  • Currensee Community: 56% are Short, 44% are long. These are 866 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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