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EUR/USD Dec. 7 – Set to Rise on Irish Vote

EUR/USD is edging up within the range, awaiting the hopeful vote on the Irish budget, that could provide a boost to the Euro . Here’s a quick update on technicals, fundamentals and community trends.

eur usd forecast December 7

Euro/Dollar around 1.3334.

EUR/USD Technicals

  • Asian session:  Quiet trade around 1.3334.
  • Current Range between 1.334 to 1.3440.
  • Further levels in both directions: Below   1.3334, 1.3267, 1.32, 1.3114, 1.30, 1.2920, 1.2722, 1.2587.  Above  1.3440, 1.3640, 1.37, 1.3830,  1.3950 and 1.4030.
  • 1.2720 is a low, very strong support line.
  • 1.3830 significant higher point – far away now.

EUR/USD Fundamentals –

  • 11:00 German Factory Orders. Exp. +1.9%.
  • 15:00 US IBD/TIPP Economic Optimism. Exp. 48.3 points.
  • 20:00 US Consumer Credit. Exp. -0.9 billion.

* All times are GMT.

EUR/USD Sentiment

  • Spanish bonds yields rise again, as Trichet’s bond buying program is rather limited.
  • The draconian Irish  budget is likely to pass, as independent members of parliament announced that they would vote with the government. The budget is a condition for the EU / IMF deal.
  • US Non-Farm Payrolls came out weaker than expected, weighing on the dollar. This will continue weighing.
  • The Belgians want a bigger bailout fund, angering Germany. Talks about enlargement will also rock the Euro.
  • Currensee Community: 47% are long , 53% are short. These are 1323 open positions in real accounts trading this pair at the moment. The community doesn’t believe in this Euro recovery.

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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.