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EUR/USD Oct. 28 – Settling in Lower Range

EUR/USD is settling in lower ground after the fall yesterday. Is this just a pause before more drops or is it just an adjustment?  Here’s a quick update on technicals, fundamentals and community trends.

euro dollar october 28 2010

EUR/USD under 1.3830.

EUR/USD Technicals

  • Asian session:  EUR/USD traded rather quietly.
  • Current Range between 1.37 to 1.3830
  • Further levels in both direcstions: Below, 1.37, 1.3637, 1.3530, 1.3430 and 1.3333.  Above  1.3830, 1.3950, 1.4030, 1.4217, 1.4450 and 1.4580.
  • 1.4030 proved to be a strong line in the past, but EUR/USD couldn’t hold on to it.
  • 1.3830 lost – bearish sign – 1.37 next level.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 7:00 ECB member Axel Weber speaks.
  • 8:30 ECB president Jean-Claude Trichet talks.
  • 12:30 US Unemployment Claims. Exp. 450K.

EUR/USD Sentiment

  • Debt issues never went away, but the market disregards them. Maybe they will get more attention, especially with budgets in Ireland and Portugal.
  • The inevitable second round of quantitative easing in the US is a done deal, but will probably be of a lesser scale than thought earlier. – comments regarding the size will have a strong impact on EUR/USD.
  • Currensee Community: 57% are long, 43% are short. Yesterday we had more shorts. These are 1085 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.