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EUR/USD Nov. 17 – Approaching Important Support

EUR/USD lost another cushion on the way down, as both Irish and Greek problems become contagious. Can it bounce here, or will the downfall continue? Here’s a quick update on technicals, fundamentals and community trends.

euro dollar november 17

Euro/Dollar under 1.35

EUR/USD Technicals

  • Asian session:  A relatively quiet Asian session left EUR/USD unchanged.
  • Current Range between 1.3430 and 1.3530
  • Further levels in both directions: Below , 1.3430, 1.3334, 1.3267, 1.3114 and 1.2920.  Above  1.3530, 1.3640, 1.37, 1.3830,  1.3950, 1.4030, 1.4030, 1.4160, and 1.4217.
  • 1.3334 significant lower point – this was an important peak in August, after which the Euro made a big decline. A struggle will probably be seen here.
  • 1.3830 significant higher point.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 13:00 US FOMC member Eric Rosengren talks.
  • 13:00 US CPI. Exp. +0.3%. Core CPI exp. +0.1%.
  • 13:30 US Building Permits. Exp. 570K.
  • 13:30 US Housing Starts. Exp. 590K.
  • 14:15 US FOMC member James Bullard talks.

EUR/USD Sentiment

  • Finland opposes aid to Ireland, and Austria refuses to pay Greece if it doesn’t meet the conditions for payment. The Euro-debt crisis is becoming ugly.
  • CPI isn’t expected to move the markets, but a jump in the housing sector could give the dollar a boost.
  • QE2 is heavily overshadowed by the European debt issues.
  • Currensee Community: 51% are long, 49% are short, down from 57:43 yesterday. These are 1222 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.