EUR/USD Aug. 31 – Uptrend Channel Lost, Falling To Support
EUR/USD lost ground steadily, fell below the uptrend channel and is approaching an important support. Will it collapse or bounce on this busy day? Here’s a quick update on technicals, fundamentals and community trends.
EUR/USD within new uptrend channel, that began last week. Click to enlarge.
EUR/USD Technicals
- Asian session: EUR/USD continued the gradual fall, going under the minor support line of 1.2665.
- Current Range is between 1.2610 to 1.2665
- Further levels: Below, 1.2610, 1.2460, 1.2330 and 1.2150. Above 1.2722, 1.2840, 1.2930, 1.30 and 1.3110.
- Uptrend channel lost: 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 lost it.
EUR/USD Fundamentals
All times are GMT. Most important events emphasized.
- 7:55: German Unemployment Change. Exp. -19K.
- 9:00: Unemployment Rate. Exp. 10%.
- 9:00: CPI Flash Estimate. Exp. 1.6%.
- 13:00: US S&P/CS Composite-20 HPI. Exp. +3.8%.
- 13:45: US Chicago PMI. Exp. 57.3.
- 14:00: US CB Consumer Confidence. Exp. 50.7.
- 18:00: US FOMC Meeting Minutes.
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. Note the European unemployment rate that is a burden on the Euro, and the FOMC Meeting Minutes, which follow the groundbreaking decision to pump more money into the economy, the statement that enhanced the talks about a double dip recession.
- Currensee Community: 55% are Short, 45% are long, with shortists having the upper hand. This is a slight change from yesterday’s 57:43 ratio.These are 952 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 Binary Options Setups – August 30 – September 3
Non-Farm Payrolls, GDP releases, consumer confidence and many more high risk news event provide opportunities for binary options on currencies. Here are potential setups for forex this week. Binary options can be utilized as an alternative to the traditional stop loss, as a tool for protecting against false breakouts and lots more. One-hour binary options [...]
EUR/USD Outlook – August 30 – September 3
The calendar is packed for the Euro in the upcoming week, with the rate decision being the highlight. Here’s an outlook for European events and an updated technical analysis for the ranging EUR/USD. EUR/USD daily chart with support and resistance lines marked. Click to enlarge: Echoes from the downwards revision of US GDP and also [...]
European trouble sends EUR/USD down
EUR/USD is under 1.30 once again, after bouncing at the resistance line, suffering from weak economic data, and with Spain causing worries once again. It now approaches the lower border of the steep uptrend channel. Here’s an update. I’ve discussed the EUR/USD uptrend channel in the article on Tuesday about Euro/Dollar at resistance. I wrote [...]
Forex Weekly Outlook – July 26-30
The upcoming week is dominated by American releases, with the best kept for last – the first release of GDP for the second quarter. Here’s an outlook for the major market movers this week. Friday’s European stress tests will still be felt in the markets at the start of the new week. Will the weak [...]
EUR/USD Outlook – July 26-30
Important releases of inflation and unemployment are due from Germany and then from the whole continent, in a busy week for the Euro. Here’s an outlook for the events that will move the Euro and an updated technical analysis for EUR/USD. EUR/USD chart with support and resistance lines on it. Click to enlarge: The echoes [...]
EUR/USD Outlook – May 31 – June 4
Employment figures are the highlight of this week’s busy European calendar, as the old continent continues to struggle with the contagious debt disease. Here’s an outlook for the events the will move the Euro, and an updated technical analysis for EUR/USD. Euro/Dollar graph with support and resistance lines marked. Click to enlarge: The report that [...]
Forex Daily Outlook – March 31st 2010
American ADP payrolls, factory orders, Canadian GDP and the important Japanese Tankan indicator are the highlights of a very busy day n forex trading. There are many more events from all over the world. Let’s see what’s up for today. Australia provides a strong start to the day with two major releases: Retail Sales, which [...]
EUR/USD Outlook – March 29 – April 2
The Euro had a bad week, losing an important support line. The upcoming week consists of many employment and inflation figures. Here’s an outlook for the events that will move the Euro, and an updated technical analysis for EUR/USD, looking down. EUR/USD chart with support and resistance lines marked. Click to enlarge: The breakdown of [...]
Forex Daily Outlook – February 25th 2010
Ben Bernanke will continue to cast his spells over the markets today, and we also have many important economic indicators from all over the world. Let’s see what’s awaiting us in this busy day in forex trading: Australia’s Private Capital Expenditure provides a strong start for the day. After a drop of 3.9% in the [...]
keep looking »Popular Forex Posts
Daily FX Headlines- Forex Strategy Corner: Bollinger Bands Techniques for Trading September 2, 2010
- EUR/USD: Trading the Change in U.S. Non-Farm Payrolls September 2, 2010
- US Dollar Forex Options Sentiment Points to Pullbacks September 2, 2010
- The FX Market has now Entered the Pull of Friday NFPs September 2, 2010
- British Pound Forecast to decline Against Japanese Yen September 2, 2010
-
Stay up to date!
-
-
