EUR/USD starts the week positively and rises on hopes. Will it recover from the blow on Friday? Or is this a temporary consolidation? Here’s a quick update on technicals, fundamentals and community trends.
- Asian session: Active session saw 1.3560 and then a rise to 1.3620.
- Current range – 1.3610 to 1.37.
- Further levels in both directions: Below 1.3610, 1.3576, 1.3440, 1.3334, 1.3267, 1.3180, 1.3080, 1.2970.
- Above: 1.37, 1.3760, 1.3830, 1.3950, 1.4030, 1.4160 and 1.4230.
- 1.3760 returns to be a big hurdle after breakdown.
- 1.3440 is important support below.
Euro/Dollar small recovery- click on the graph to enlarge.
EUR/USD Fundamentals –
- 9:30 European Sentix Investor Confidence.
- 11:00 German Factory Orders. Exp. -1.4%.
- 13:00 ECB member Axel Weber talks.
- 20:00 US Consumer Credit. Exp. 2.2 billion.
* All times are GMT.
For more events later in the week, see the EUR/USD forecast
- ECB member Gonzalez said that the ECB will eventually have to raise the rates – this boosts the Euro.
- The fall in US unemployment rate helped the dollar close the week positively.
- Trichet didn’t lift tone against inflation. This sent the Euro last week.
- Egyptian crisis: Fresh escalation as anti-government and pro-Mubarak protesters clash violently. Is Egypt entering a civil war?
- Opposition party in Ireland, Fine Gael, wants a haircut for senior bondholders.
- Greek default? Plans are drawn for a making a 25% haircut on Greek debt, codenamed “Brady plan”. This has been overshadowed by the events in Egypt.
Currensee Community: 61% are long , 39% are short. These are 1367 open positions in real accounts trading this pair at the moment.