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.

euro dollar forecast August 30

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

EUR/USD Technicals

  • Asian session:  EUR/USD jumped higher, but remained fell and remained in the range.
  • Current Range is between 1.2722 to 1.2770.
  • Further levels: Below, 1.2665, 1.2610, 1.2460, 1.2330 and 1.2150. Above  1.2840, 1.2930, 1.30 and 1.3110.
  • New uptrend channel: 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 is currently in the middle of it.

EUR/USD Fundamentals

  • Throughout the day: German Prelim CPI. Exp. +0.2%.
  • No European releases today.
  • 12:30 GMT: US Personal Spending. Exp. +0.3%. A negative value will shock the markets.
  • 12:30 GMT: US Personal Income. Exp. +0.3.
  • 12:30 GMT: US Core PCE Price Index. Exp. +0.1.
  • 17:30 GMT: US Federal Reserve member James Bullard speaks.

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. Tense trading might characterize the beginning of the week.
  • Currensee Community: 57% are Short, 43% are long, with shortists having the upper hand. These are 918 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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