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EUR/USD October 13- Tries Recapturing Trendline

EUR/USD tries to recapture the lost trendline after getting a boost from the FOMC minutes. Will it recover and re-conquer 1.40? Here’s a quick update on technicals, fundamentals and community trends.
eur usd October 13

EUR/USD approaching trendline from the bottom

EUR/USD Technicals

  • Asian session:  EUR/USD climbed above 1.3950 during Asian session.
  • Current Range between 1.3950 and 1.40.
  • Further levels in both direcstions: Below,  1.3850, 1.38, 1.3717, 1.3650, 1.3560, 1.35, 1.3430.  Above   1.40, 1.4030,  1.42 and 1.4450.
  • Wide uptrend lost: Uptrend resistance began on Sep. 8 and uptrend support on Sep. 13. Trading is characterized with many hours of consolidation, followed by  few hours of sharp rises. Note that the uptrend support line was slightly modified. Support was lost two days ago – might be reconquered today – currently stands at 1.4004.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 9:00 Industrial Production. Exp. +0.7%.
  • 12:30 US Import Prices. Exp. -0.1%.
  • 20:10 US Federal Reserve chairman Ben Bernanke talks.

EUR/USD Sentiment

  • Debt issues never went away, but the market disregards them. This could change this week, but in the meantime, the downgrade of Ireland hurt the Euro only for a short time.
  • The inevitable second round of quantitative easing in the US still weighs on weakens the dollar, but the size of QE depends on the current situation and especially on jobs which disappointed on Friday. QE2 now looks imminent after the meeting minutes.
  • The trendline is very important.
  • Currensee Community: 50% are long, 50% are short, changed since yesterday, when longs had a 54:46 advantage. These are 1094 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.