EUR/USD Aug. 18: Euro Gradually Sliding Down

Yesterday’s weak ZEW Economic Sentiment figure erased the optimism that came on the successful bond auctions. The result – no breakout. The pair now slips within the range. Will it threaten the support line?

EUR/USD Technicals

  • Asian session:  EUR/USD gradually slipped from 1.2890 to 1.2825.
  • Current Range is narrower: 1.2800 to 1.2900. Significant support at 1.2722.
  • 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

  • No major releases are due today. News about sovereign European debt could shake the currency, with possible headlines from Moody’s.

EUR/USD Sentiment

  • Market is in risk aversive mood. This means that bad US indicators are dollar positive.
  • Today’s quiet day means that any technicals will play a bigger role.
  • Currensee Community: 57% are Short, 43% are long. This is a small shift towards shorts – yesterday it was 56:44. These are 913 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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