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EUR/USD Dec. 8 – Hanging on to Low Support

EUR/USD is leaning lower and finding low support, after the Irish budget was slowly approved, but so were US tax cuts. Will it recover from this slow drop, or accelerate?  Here’s a quick update on technicals, fundamentals and community trends.

eur usd december 8

Euro/Dollar above 1.32.

EUR/USD Technicals

  • Asian session:  Slowly dropping. A drip under 1.32, was reversed quickly.
  • 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, 1.3440, 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 –

  • 7:00 German Trade Balance. Exp. 15.1 billion. Actual 14.3.
  • 11:00 German Industrial Production. Exp. 1.1%.
  • 16:00 ECB member Axel Weber talks.

* All times are GMT.

EUR/USD Sentiment

  • Irish budget passes slowly – the coalition has a clear majority. This was widely expected.
  • Spanish bonds yields rise again, as Trichet’s bond buying program is rather limited.
  • US Treasury yields are on the rise after the tax cut deal between Obama and the Republicans. This helps the US dollar.
  • Currensee Community: 46% are long , 54% are short. These are 1244 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.