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EUR/USD Nov. 9 – Finding Low Support

EUR/USD continues to fall and reaches the lower parts of the pre-QE2 range. Will current support hold? Or should we expect more falls?  Here’s a quick update on technicals, fundamentals and community trends.

euro dollar November 9

Euro/Dollar falling to lower support

EUR/USD Technicals

  • Asian session:  EUR/USD dropped under 1.39 and found support above 1.3830.
  • Current Range between 1.3830 to 1.3950
  • Further levels in both directions: Below,  1.3830, 1.37, and 1.3637.  Above  1.3950, 1.4030, 1.4030, 1.4160, 1.4217, 1.4280, 1.4450 and 1.4580.
  • 1.37 significant lower point
  • 1.4030 significant higher point.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 7:00 German Final CPI. Exp. +0.1%. Actual +0.1%.
  • 7:45 French Trade Balance. Exp. -4 billion.
  • 15:00 US IBD/TIPP Economic Optimism. Exp. 47.8 points.
  • 15:00 US Wholesale Inventories. Exp. +0.6%.

EUR/USD Sentiment

  • QE2 has a stronger effect on commodity currencies than the majors.
  • Irish debt issues are becoming a problem once again. Yesterday’s article in the Irish Times, about Ireland becoming insolvent, still echoes.
  • Tensions towards the G-20 summit in the upcoming weekend are also on the agenda, but there’s a small chance of any agreement reached.
  • Currensee Community: 51% are long, 49% are short. These are 1139 open positions in real accounts trading this pair at the moment. Is the community seeing the dollar escape the bearish trend with QE2?

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.