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EUR/USD Nov. 22 – Breaks Resistance On Irish Progress

EUR/USD jumped above resistance after the Irish government finally decided to formally ask for IMF / EU aid. Will it push forward, or will this move be short-lived? Here’s a quick update on technicals, fundamentals and community trends.

euro dollar november 22

Euro/Dollar above 1.37

EUR/USD Technicals

  • Asian session:  EUR/USD broke above 1.37 and held on to it.
  • Current Range between 1.37 to 1.3830
  • Further levels in both directions: Below 1.37, 1.3640, 1.3530, 1.3430, 1.3334, 1.3267, 1.3114 and 1.2920.  Above   1.3830,  1.3950, 1.4030, 1.4030, 1.4160, and 1.4217.
  • 1.3440 significant lower point – this was the lowest in 7 weeks.
  • 1.3830 significant higher point. EUR/USD has to convince that it conquered 1.37 first.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 15:00 European Consumer Confidence. Exp. -10 points.
  • 16:00 ECB president Jean-Claude Trichet talks.

EUR/USD Sentiment

  • Irish cabinet decision to formally ask for aid of around 70-80 billion euros is significant progress in resolving the crisis. Headlines from Ireland will continue to rock the Euro.
  • It’s also important to note headlines from Portugal, which is already marked as the next domino.
  • Chinese hike of the reserve requirement doesn’t have an impact on the Euro. A hike in the Chinese interest rate is what’s needed to take the Euro down.
  • Currensee Community: 52% are short, 48% are long – last week we had more longs. These are 1210 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.