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EUR/USD Nov. 24 – Stabilizing After the Collapse

EUR/USD finds support at low grounds after the huge collapse yesterday to a two-month low. Today’s busy day will  provide  lots of action for the Euro. Here’s a quick update on technicals, fundamentals and community trends.
eur to usd forecast november 24

Euro/Dollar around 1.34

EUR/USD Technicals

  • Asian session:  EUR/USD stabilized between 1.3360 to 1.3420.
  • Current Range between 1.3360 to 1.3440.
  • Further levels in both directions: Below 1.3360, 1.3334, 1.3267, 1.3114, 1.2920, 1.2722, 1.2587.  Above   1.3430, 1.3640, 1.37, 1.3830,  1.3950, 1.4030, 1.4030, 1.4160, and 1.4217.
  • 1.3334 important line, after being a peak back in August.
  • 1.3830 significant higher point – far away now.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 9:00 German Ifo Business Climate. Exp. 107.6 points.
  • 10:00 European Industrial New Orders. Exp. -2.6%.
  • 13:30 US  Unemployment Claims. Exp. 434K.
  • 13:30 US  Durable Goods Orders. Exp. +0.2%. Core figure exp. +0.7%.
  • 13:30 US  Personal Spending. Exp. +0.5%.
  • 13:30 US  Core PCE Price Index. Exp. +0.1%.
  • 13:30 US  Personal Spending. Exp. +0.4%.
  • 14:00 Belgian  NBB Business Climate. Exp. -2.7 points.
  • 14:55 US  Revised Consumer Sentiment. Exp. 69.5 points.
  • 15:00 US  New Home Sales. Exp. 311K
  • 18:00 ECB member Axel Weber talks.

EUR/USD Sentiment

  • The Irish government seems to have lost support to pass the plan – putting a big doubt over the feasibility of the bailout plan.
  • Spanish bond auction showed signs of contagion – yields are significantly higher.
  • It’s also important to note headlines from Portugal, which is already marked as the next domino.
  • North Korea fired shells at the south yesterday. This also weighs on the Euro – risk aversion.
  • Busy US calendar provides high volatility. A drop of jobless claims under 430K will be  significant.
  • Currensee Community: 53% are long , 47% are short- yesterday we had more shorts. These are 1211 open positions in real accounts trading this pair at the moment.

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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.