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EUR/USD Nov. 30 – Stabilizing on Low Ground

EUR/USD is stabilizing after another big fall and is expecting many economic indicators today. Will it recover, or is it just a pause before another collapse? Here’s a quick update on technicals, fundamentals and community trends.

eur usd november 30

Euro/Dollar struggling at 1.3114.

EUR/USD Technicals

  • Asian session:  This session was quiet, seeing the pair use 1.3114 as a pivotal line..
  • Current Range between 1.30 to 1.3114.
  • Further levels in both directions: Below   1.3114, 1.2920, 1.2722, 1.2587.  Above   1.32, 1.3267, 1.3334, 1.3430, 1.3640, 1.37, 1.3830,  1.3950 and 1.4030.
  • 1.2720 is the next, very strong support line.
  • 1.3830 significant higher point – far away now.

EUR/USD Fundamentals –

  • 8:55 German Unemployment Change. Exp. -19K.
  • 10:00 European Unemployment Rate. Exp. 10.1%.
  • 10:00 CPI Flash Estimate. Exp. 1.9%.
  • 14:00 US S&P/CS Composite-20 HPI. Exp. +1.2%.
  • 14:55 US Chicago PMI. Exp. 60.1 points.
  • 15:00 US CB Consumer Confidence. Exp. 52.7 points.
  • 15:30 ECB president  Jean-Claude Trichet talks.
  • 20:00 US Federal Reserve chairman Ben Bernanke talks.

* All times are GMT.

EUR/USD Sentiment

  • Spanish 10 year yields jumped to record highs – 5.35%. Also Italian notes are around 4% after a bad auction. Contagion is spreading.
  • Irish deal is better than expected, with an interest rate of 5.8%, but it doesn’t prevent contagion to Spain and Portugal.
  • Also Italian yields are on the rise.
  • Elections in Catalonia resulted in a victory for the opposition CiU party, a warning sign for Spain’s PM Zapatero.
  • Currensee Community: 52% are long , 48% are short- yesterday we had more shorts. These are 1155 open positions in real accounts trading this pair at the moment. The community leans towards a recovery of the Euro.

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.