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EUR/USD Sep. 28 – Dropping Out Of Narrow Range

EUR/USD dropped out of the narrow range that characterized it at the beginning of the week. How will the crowded calendar affect the drop? Here is a quick update on fundamentals, technicals and community trends.

eur usd forecast September 28

EUR/USD dropping out of range.

EUR/USD Technicals

  • Asian session:  EUR/USD consolidating in a narrow range – 1.3430 to 1.3485.
  • Current Range between 1.3365 to 1.3430 after the break happened early in the London session.
  • Further levels in both direcstions: Below,  1.3365, 1.3267, 1.3160, 1.3110, 1.3040 and 1.2920.  Above  1.3530 (very close), 1.37, 1.3850, 1.40 and 1.42.
  • Wide uptrend channel: Uptrend resistance began on Sep. 8 and uptrend support on Sep. 13. Trading is characterized with many hours of consolidation, followed by a few hours of sharp rises.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 6:00 German Gfk Consumer Climate. Exp. 4.3. Actual 4.9.
  • 6:45 French Consumer Spending for two months. Exp. -0.1 and +0.5%. Actual -1.6% and 2.7%. Offset each other.
  • 13:00 US S&P/CS Composite-20 HPI. Exp. +3.1%.
  • 14:00 US CB Consumer Confidence. Exp. 52.5 points.
  • 14:00 US Richmond Manufacturing Index. Exp. 6 points.
  • 20:30 US FOMC member Kevin Warsh talks.

EUR/USD Sentiment

  • There are talks about a lighter QE2 in the US. Less dollar printing helps the dollar that is suffering from general weakness.
  • Debt issues never went away, but the market currently disregards Irish and  Portuguese high spreads. Worries can return anytime.
  • The important 1.3430 line was lost- bearish  sign.
  • Currensee Community: 52% are long, 48% are short. These are 1067 open positions in real accounts trading this pair at the moment.

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

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.