EUR/USD managed to climb higher but retreated afterwards. How will it close before Christmas? Here’s a quick update on technicals, fundamentals and community trends.
Euro/Dollar going back down
EUR/USD Technicals
- Asian session: Active session saw EUR/USD trading in range, before falling at the wake of the European session.
- Current Range between 1.3070 to 1.3114
- Further levels in both directions: Below 1.3070, 1.30, 1.2920, 1.2722, 1.2587. Above 1.3114, 1.3180, 1.3267, 1.3334, 1.3576, 1.37, 1.3786, 1.3950 and 1.4030.
- 1.3070 new lower frontier.
- 1.3440 is important resistance above and remains as such after a breakout attempt failed.
EUR/USD Fundamentals –
- 7:45 French Consumer Spending. Exp 0.5%. Actual +2.8%.
- 13:30 US Unemployment Claims. Exp. 421K.
- 13:30 US Durable Goods Orders. Exp. -0.5%. Core figure, exp. +1.7%
- 13:30 US Personal Spending. Exp. +0.5%.
- 14:55 US Revised Consumer Sentiment. Exp. 74.7 points.
- 15:00 US New Home Sales. Exp. 301K.
* All times are GMT.
For the major events due later in the week, see the EUR/USD outlook
EUR/USD Sentiment
- Greek banks are under review for a downgrade.
- Portugal is under review for a downgrade.
- France is danger of suffering a credit rating downgrade – France is Europe’s second largest economy. A downgrade or a warning will send the Euro way down.
- Spanish bond yields have stabilized at high levels, around 5.50%
- China said it helped the Euro-zone during the crisis, and is trying to get closer to Europe before the US-China summit. Will they push the Euro higher? Probably not.
- US bond yields take a break – they’re not challenging new highs. This mostly affects USD/JPY, but also EUR/USD.
- Currensee Community: 54% are long , 46% are short. These are 1277 open positions in real accounts trading this pair at the moment.
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