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.

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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.

Fundamental Overview – Market Movers Last Week – 8/30/2010

Guest post by ForexTraders.com The U.S. Dollar turned in a mixed performance last week without moving much against any of the other major currencies. Traders reported that the primary boost to the Dollar’s fortunes versus the Euro and Pound Sterling was the news out last Tuesday that the Standard and Poor’s rating agency had downgraded Ireland’s [...]

[Video] Yen Intervention, Euro Bears and Aussie Action

In the weekly interview on Forex TV, I spoke with Julie Sinha about this busy week with Non-Farm Payrolls providing the big bang.. There are still chances of a coordinated intervention in the Japanese yen, the Euro bears are getting stronger on risk aversive trading and the Aussie expects a very busy week, with upside [...]

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 [...]

Lifting Inflation Goals? Bernanke Hints Awful US Situation

Ben Bernanke talks about adding more stimulus steps if necessary, and mentions a surprising option of lifting inflation goals to boost the economy. While he said this step doesn’t have support in the FOMC, the fact that he even mentioned it is a big surprise. This is his subtle way of saying that the situation [...]

US GDP Sharply Revised Downwards – Trading Remains Tight

The second release of GDP for the second quarter was indeed bad – a downwards revision from 2.4% to 1.6%, slightly better than a revision to 1.5%. The initial reaction was dollar positive, but this was quickly erased. EUR/USD was down from 1.2720 (almost the resistance line) to 1.27. This drop was very limited and [...]

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.

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    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...

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