EUR/USD began the week with some consolidation at higher ground. Is it preparing for another push forward or will it lose ground? Here’s a quick update on technicals, fundamentals and community trends.
EUR/USD Technicals
- Asian session: traded around 1.36.
- Current range – 1.3576 to 1.37.
- Further levels in both directions: Below 1.3576, 1.3440, 1.3334, 1.3267, 1.3180, 1.3080, 1.2970, 1.2920, 1.28, 1.2722, 1.2587.
- Above 1.37, 1.3786, 1.3950, 1.4030 and 1.4220.
- 1.3440 is the key level – it has stopped the Euro so many times in the past – we’ve seen false breakouts in both directions. This is the key on the downside.
- Next resistance is at 1.37.
Euro/Dollar moving on up – click on the graph to enlarge.
EUR/USD Fundamentals –
- 8:00 French Flash Manufacturing PMI. Exp. 56.8 points.
- 8:00 French Flash Services PMI. Exp. 55.2.
- 8:30 German Flash Manufacturing PMI. Exp. 61.1.
- 8:30 German Flash Services PMI. Exp. 59.2.
- 9:00 European Flash Manufacturing PMI. Exp. 57.1.
- 9:00 European Flash Services PMI. Exp. 54.2.
- 10:00 European Industrial New Orders. Exp. 2.3%.
* All times are GMT. For more events later in the week, see the EUR/USD forecast.
EUR/USD Sentiment
- Strategists shift positions in favor of the Euro.
- Irish prime minister resigned from leading his party. Currently this has little impact.
- The Irish banks find new money at their own central bank. Some say that the Irish central bank is printing Euros. Trichet ignores this.
- Spanish yields are 5.20%- this is great for the Euro. This comes as Fitch has an optimistic view about the Spanish banking sector.
- Inflation is becoming problematic for Europe. This comes as employment is still high. Double trouble for Europe. Trichet showed concerns about inflation and boosted the Euro. Less fear from a rate hike helps the Euro – a rate hike is also pushed by German PPI.
Currensee Community: 62% are long , 38% are short. These are 1359 open positions in real accounts trading this pair at the moment.
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