EUR/USD Aug. 24: Sliding To Next Support – New Plunge Coming?

EUR/USD continues losing ground and is now approaching the next line of support. Will it bounce here or break this line and drop faster? 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:  More risk aversive trading – more losses for the Euro. EUR/USD fell gradually from 1.2680 to 1.2620,
  • Current Range is between 1.2610 to 1.2690.
  • Further levels: Below, 1.2460, 1.2330 and 1.2150. Above  1.2722, 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

  • 6:00 GMT: German Final GDP . Exp. 53.3, Actual 2.2 – as expected..
  • 10:00 GMT: Industrial New Orders. Exp. +1.6%.
  • 13:00 GMT: NBB Business Climate. Exp. -6.1.
  • 14:00 GMT: US Existing Home Sales. Exp. Drop to 4.66 million.

EUR/USD Sentiment

  • Market is in risk aversive mood. This means that bad US indicators are dollar positive.
  • The 1.2610 line is critical.
  • Existing home sales in the US are important today – another fall could accelerate risk aversion and send EUR/USD over the cliff.
  • Currensee Community: 55% are Short, 45% are long, with shortists having the upper hand. These are 905 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 Daily Outlook – August 24 2010

We have some interesting updates coming up today, Existing Home Sales in the US, Core Retail Sales in Canada, Inflation Expectations Percentage in New Zealand and more. Let’s see what awaits us today. In the US Existing Home Sales, the main gauge of the condition of the US housing market measuring the number of closed [...]

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Forex Daily Outlook – April 23rd 2010

American home sales on the rise, the international G20 meeting with a closing speech from US Treasury Secretary Timothy Geithner together with other encouraging news from around the world  sum up this week.  Let’s see what’s up for today. In the US, New Home Sales, annualized number of new single-family homes that were sold during [...]

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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 [...]

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