EUR/USD Aug. 23: Euro Consolidating After Big Fall

The big fall on Friday left EUR/USD at lower ground, and it’s now consolidating. Will manage to recover? Or will it continue downwards? Here’s a quick update on fundamentals, technicals and community trends.

eur usd forecast

EUR/USD below long term support – click to enlarge

EUR/USD Technicals

  • Asian session:  Quiet opening of the week – EUR/USD traded in a very narrow range in a quiet Asian session, between 1.2690 and 1.2722.
  • Current Range is between 1.2610 to 1.2722.
  • Further levels: Below, 1.2460, 1.2330 and 1.2150. Above  1.2790, 1.2880, 1.2930 and 1.30
  • Long term: On August 20th, EUR/USD lost less steep uptrend channel began on June 7th, from the year-to-date low of 1.1876. This turns into a resistance line now. For today, it stands on 1.2821. A break above this level will trigger a sharp recovery.

EUR/USD Fundamentals

  • 7:00 GMT: French Flash Manufacturing PMI. Exp. 53.3.
  • 7:00 GMT: French Flash Services PMI. Exp. 60.7.
  • 7:30 GMT: German Flash Manufacturing PMI. Exp. 60.9.
  • 7:30 GMT: German Flash Services PMI. Exp. 56.3.
  • 8:00 GMT: All-European Flash Manufacturing PMI. Exp. 56.4.
  • 8:00 GMT: All-European Flash Services PMI. Exp. 55.6.
  • 14:00 GMT: European Consumer Confidence. Exp. -13.
  • 14:30 GMT: US FOMC member Thomas Hoeing (hawk) speaks.

EUR/USD Sentiment

  • Market is in risk aversive mood. This means that bad US indicators are dollar positive.
  • Friday’s fall signals more falls ahead.
  • PMI figures will cause choppy trading, but are unlikely to have a long term impact.
  • Currensee Community: 55% are Short, 45% 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.

Want to see what other traders are doing in real accounts? Check out Currensee. It’s free..

Forex Daily Outlook – August 23 2010

U.S. Federal Reserve Bank of Kansas President Thomas Hoenig testifies before the House Committee on Oversight and Investigations in Kansas and Euro-Zone Manufacturing and Services Purchasing Managers Indexes start the economic activities this week. Here is an outlook on today’s market moving events. In the US, Federal Reserve Bank of Kansas President Thomas Hoenig testifies [...]

EUR/USD Outlook – August 23-27

After losing the uptrend support line, another busy week expects Euro traders, with many important surveys due this week. Here’s an outlook for the 9 events that will shape the Euro’s trading, and an updated technical analysis for EUR/USD, now at lower ground. EUR/USD chart with support and resistance lines marked. Click to enlarge: The [...]

Forex Daily Outlook – July 22 2010

U.S. Unemployment Claims and Existing Home Sales release followed by Chairman Ben Bernanke’s testimony before the Senate Banking Committee in Washington and Europe’s Industrial New Orders make the headlines. Here is a glimpse on today’s market moving events. In the US, US Unemployment Claims, a weekly major indicator of economic health, and an early indicator [...]

Forex Daily Outlook – June 23 2010

Today’s highlight is the  FOMC  statement that accompanies the American rate decision, followed by GfK German Consumer Climate in Europe and more exciting news. Let’s see what awaits us today. In the US, New Home Sales expected to drop 69K this month reaching 435K after the sharp rise in May’s report.

EUR/USD Outlook – June 21-25

The upcoming week features major German surveys as well as many other indicators. Here’s an outlook for the main European events and an updated technical analysis for EUR/USD. EUR/USD chart with resistance and support lines on it. Click to enlarge: Spanish problems caused great worries in the past week, with rumors of a bailout package [...]

Forex Daily Outlook – May 21 2010

Federal Reserve Bank of New York President William Dudley speaks in Sarasota, other great news from Canada with Core CPI and Core Retail Sales expected to rise and additional encouraging forecasts from other countries are on today’s menu. In the US, Federal Reserve Bank of New York President William Dudley delivers a speech at the New [...]

EUR/USD Outlook – May 17-21

Another terrible week sent the Euro to critical levels. The Euro will now move by two major surveys and other indicators as well, as the debt crisis will continue accompanying us. Here’s an outlook for the European events, and an updated technical analysis for EUR/USD, looking down. EUR/USD graph with support and resistance lines on [...]

Forex Daily Outlook – April 22nd 2010

A very busy day expects forex traders, Flash Manufacturing PMI and Services PMI influence on Europe; let’s see what’s awaiting us today. Group of Twenty (G20); while it’s not an institution, the G20 is an influential global policy-making body operating at the highest level, and their initiatives and policies can impact the currency markets.

EUR/USD Outlook – April 19-23

Greek hopes and worries dominated the Euro’s trading in the past week. The upcoming week will be dominated by economic indicators, with two major surveys to rock the currency. Here’s an outlook for the 12 events that await the Euro this week, and an updated analysis for EUR/USD. EUR/USD graph with support and resistance lines [...]

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 2064 access attempts in the last 7 days.