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EUR/USD Nov. 26 – More Support Lost

EUR/USD is losing more ground as talks about an upcoming rescue plan for Portugal are starting to run around. Bad headlines on thin volume mean strong action. Here’s a quick update on technicals, fundamentals and community trends.

eur usd forecast November 26

Euro/Dollar around 1.33

EUR/USD Technicals

  • Asian session:  EUR/USD stabilized around 1.33 and then fell.
  • Current Range between 1.3114 to 1.3267.
  • Further levels in both directions: Below  1.3114, 1.2920, 1.2722, 1.2587.  Above   1.3267, 1.3334, 1.3430, 1.3640, 1.37, 1.3830,  1.3950 and 1.4030.
  • 1.3114 next significant support line.
  • 1.3830 significant higher point – far away now.

EUR/USD Fundamentals

  • 7:45 French Consumer Spending. Exp. +0.2%. Actual -0.2%.
  • 9:00 M3 Money Supply. Exp. +1.3%.
  • German CPI. Exp. 0%.

EUR/USD Sentiment

  • An article in the German Financial Times suggests that European officials are pushing Portugal to take aid.
  • 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.
  • Low trading volume expected due to US holiday, yet important news from Europe can find the market unprepared, meaning that technical levels could be temporarily broken. It’s risky trading now.
  • Currensee Community: 53% are long , 47% are short- yesterday we had more shorts. These are 1179 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.