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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    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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