EUR/USD Aug. 16: Stops to Rest Before Next Falls

At the wake of the new week, EUR/USD touched based with the strong support line, but later went up and corrected some of last week’s disastrous losses. Here’s a quick update on fundamentals, technicals and community trends.

EUR/USD Technicals

  • Asian session: After closing last week with a loss of over 500 pips, the Asian session sent EUR/USD to fresh lows – 1.2734, just above the important and strong 1.2722 support line, and then corrected to 1.2794, just before the beginning of the European session.
  • 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 looking to form a downtrend channel.

EUR/USD Fundamentals

  • Japanese GDP was weaker than expected – only 0.1%. More world slowdown triggers risk aversion and pressures the Euro.
  • 9:00 GMT – European Final CPI – Exp. +1.7. Core CPI, +1%.
  • 12:30 GMT – US Empire State Manufacturing Index. Exp. 8.1 points.
  • 13:00 GMT – US TIC Long-Term Purchases. Exp. +36 billion

EUR/USD Sentiment

  • Market is in risk aversive mood. This means that bad US indicators are dollar positive.
  • Currensee Community: 55% are Short, 45% are long. These are 830 open positions in real accounts trading this pair at the moment.

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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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