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

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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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.