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.

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

Forex Daily Outlook – August 30 2010

A busy week begins with a busy day – US consumer spending is the highlight of today, amongst many releases from around the world. Will we see more devastating figures already today? Or will tension remain high until the Non-Farm Payrolls? Let’s see what’s up for today: In New Zealand, economic figures are released early [...]

Forex Weekly Outlook – August 30 – September 3

The summer ends with a very busy week, including GDP releases, the European rate decision and many American figures culminating in the king of forex – Non-Farm Payrolls. Here’s an outlook for the 14 major market moving events. The notion of a double dip recession in the US strengthened in the past week, especially with [...]

Forex Daily Outlook – August 3 2010

U.S. Pending Home Sales, Core PCE and Factory Orders are the major events on our menu. Here is an outlook on today’s market moving events. In the US,  Pending Home Sales measuring the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction predicted a [...]

Forex Daily Outlook – June 28 2010

We start the week with exciting news; in New Zealand the NBNZ Business Confidence, Survey,  The Group of Twenty (G20); is entering the second day, in Japan the Retail Sales are rising and lots more, let’s see what awaits us today. In the US, Federal Open Market Committee (FOMC); Reserve Governor Kevin Warsh speaks at [...]

Forex Weekly Outlook – June 28 – July 2

The beginning of the new month is busy as always, culminating with the Non-Farm Payrolls. There are lots of other major events as well. Here’s an outlook for the market-moving events that are awaiting us. The Chinese central bank lifted the peg on the yuan, in a move that was anticipated for a long time. [...]

Forex Daily Outlook – May 28 2010

US Core PCE is expected to remain 0.1%, US, Personal Income is about to grow by 0.2%, Revised UoM Consumer Sentiment is expected to rise and Canada’s Current Account deficit is expected to shrink this quarter. Let us see what awaits us today: In the US, Core Personal Consumption Expenditures Price Index released monthly, representing [...]

Forex Daily Outlook – May 3 2010

Starting the week with a variety of events. ISM Manufacturing PMI in the USD, Labor Cost Index in New Zealand and President Axel Weber speak in Frankfurt; Let see what else awaits us this day,  In the US, Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI); Survey released monthly of about 400 purchasing [...]

Forex Daily Outlook – March 29th 2010

The new week starts with American Personal Spending among other figures from all over the world. Will EUR/USD resume the downtrend? Let’s see what will move the markets today:

Forex Daily Outlook – March 1st 2010

The first day of March brings a busy calendar which isn’t typical for Mondays. Canadian GDP, European Unemployment Rate and American ISM Manufacturing PMI will stand out today. As time goes by this week, trading will be more and more influenced by the tension towards the Non-Farm Payrolls. I suggest being careful with this event. [...]

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 2163 access attempts in the last 7 days.