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EUR/USD Dec. 3 – Showing Strength Ahead of NFP

EUR/USD manages to trade in higher levels after Trichet’s  maneuver and is awaiting to rock on the Non-Farm Payrolls. Will it continue higher, or was this just a temporary recovery  ? Here’s a quick update on technicals, fundamentals and community trends.

Euro dollar December 3

Euro/Dollar recovering above 1.32.

EUR/USD Technicals

  • Asian session:  EUR/USD trades quietly around 1.32..
  • Current Range between 1.32 to 1.3267
  • Further levels in both directions: Below   1.32, 1.3114, 1.30, 1.2920, 1.2722, 1.2587.  Above   1.3267, 1.3334, 1.3430, 1.3640, 1.37, 1.3830,  1.3950 and 1.4030.
  • 1.2720 is the next, very strong support line.
  • 1.3830 significant higher point – far away now.

EUR/USD Fundamentals –

  • 7:30ECB president speaks. This time, he doesn’t say anything or do any sneaky move
  • 9:00 European Final Services PMI. Exp. 55.2.
  • 10:00 European Retail Sales. Exp. +0.4%.
  • 13:30 US Non-Farm Payrolls. Exp. +150K.
  • 13:30 US Unemployment Rate. Exp. 9.6%.
  • 15:00 ISM Non-Manufacturing PMI. Exp. 54.7 points.
  • 15:00 US Factory Orders. Exp. -0.7%.

* All times are GMT.

EUR/USD Sentiment

  • Focus is on the Non-Farm Payrolls. As it seems now, the market reaction will be “normal” – a good number will boost the US dollar, and a weak number will weaken it. Note that trading will be extremely choppy.
  • Contagion is weaker  – with troubles already in 5 countries. Spanish bonds yields made a sharp drop after hope turned to Trichet.
  • Currensee Community: 41% are long , 59% are short- yesterday we had more shorts. These are 1201  open positions in real accounts trading this pair at the moment. The community doesn’t believe in this Euro recovery.

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.