EUR/USD Sep. 1 – Struggling in Range

EUR/USD got into narrow range trading, clinging to the uptrend support but breaking higher.  Will the pair pick a direction? Here’s a quick update on technicals, fundamentals  and community trends.

eur usd forecast

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

EUR/USD Technicals

  • Asian session:  EUR/USD bounced from the 1.2665 support line to the 1.2722 resistance line.
  • Current Range is between 1.2665 to 1.2722.
  • 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 again: 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.

  • 6:00: German Retail Sales. Exp. +0.6%, Actual -0.3%. Disappointment.
  • 8:00: Final Manufacturing PMI. Exp. 55 points.
  • 11:30: US Challenger Job Cuts.
  • 12:15: ADP Non-Farm Employment Change. Exp. +20K.
  • 14:00: US ISM Manufacturing PMI. Exp. 53.2.
  • 14:00: US Construction Spending. Exp. -0.4%.
  • 14:45: US FOMC member Elizabeth Duke talks.

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. There are two important hints for the NFP today – ADP NFP, which supplies a hint about private sector jobs and the manufacturing PMI, which is an indicator of economic activity in August.
  • Currensee Community: 55% are Short, 45% are long, with shortists having the upper hand. These are 949 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..

Forex Daily Outlook – September 1 2010

U.S. DAP Employment Report, ISM Manufacturing Index and Australian GDP are at the top of our market moving events for today. Here is an outlook on the economic activities awaiting us. In the US, Automatic Data Processing Employment Report, a measure of jobs lost or added to the private sector of the economy, also serving [...]

Forex Daily Outlook – August 4 2010

U.S. ADP an early indicator of non-farm payrolls and US ISM Non-Manufacturing Index are the major activities on our menu. Here is an outlook on today’s market moving events. U.S. Automatic Data Processing Employment Report, a preliminary estimate for the outcome of the monthly non-farm payrolls is expected to add as many as 36,000 new [...]

Forex Daily Outlook – July 1 2010

Another busy day is ahead with American Unemployment Claims, American ISM Manufacturing PMI and American Pending Home Sales. Many other events will be reviewed today. Here’s an outlook for the market-moving events that are awaiting us. In the US, American Unemployment Claims: This weekly figure is still causing trouble for the dollar. Jobless claims refuse to [...]

Forex Daily Outlook – June 2 2010

US Pending Home Sales and Australia’s GDP are the major events this day. Let us see what awaits us today In the US, Pending Home Sales is expected to drop from 5.3% to 4.8% after the upswing of March and April.

Forex Daily Outlook – May 5 2010

U.S. ADP Non-Farm Employment Change is looking good, The ISM Non-Manufacturing PMI is also on the rise and U.S. Federal Reserve Bank of Boston President Eric Rosengren delivers a speech. These items together with more good news, await us today. In the US, ADP Non-Farm Employment Change, estimates a rise of 29000 in the number [...]

Forex Daily Outlook – April 1st 2010

American Weekly Unemployment Claims and ISM Manufacturing PMI will be in the limelight on April’s fools day, among figures from all over the world. Let’s see what’s up for today. The tension towards Friday’s Non-Farm Payrolls continues to mount. The dollar, that had a rough beginning to the week, is correcting the losses. Will this [...]

Forex Daily Outlook – February 3rd 2010

A busy day expects forex traders. This includes the “mini-NFP” in the US and critical employment numbers in New Zealand among many figures from all over the world. Let’s see what’s up for today. British Nationwide Consumer Confidence starts the day early with an expected rise from 69 to 70 points. The Pound hasn’t really [...]

Forex Daily Outlook – January 6th 2010

As the week advances, the calendar gets more crowded, especially in the US. ADP Non-Farm Payrolls and the FOMC minutes are among the important indicators today. There are many important events elsewhere. Let’s see what’s up for today. British Nationwide Consumer Confidence starts the day right at the beginning. After many months of steady growth, [...]

Forex Daily Outlook – December 2nd 2009

After a busy day that included unexpected events, today is more calm. ADP Non-Farm Payrolls stand out. Will the dollar continue the decline? Let’s see what’s up for today: In Britain, MPC member Spencer Dale will make a public appearance, and might hint something about next week’s rate decision. Later, Construction PMI is expected to [...]

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 1819 access attempts in the last 7 days.