Home EUR/USD Feb. 16 – Bounced Off Resistance

EUR/USD Feb. 16 – Bounced Off Resistance

EUR/USD could not break higher after escaping from low figures. Will the weak figures send it lower? Or will it break higher? Here’s a quick update on technicals, fundamentals and community trends.

EUR/USD Technicals

  • Asian session:  Climbed and made an attempt to break above 1.3570 -it failed.
  • Current range – 1.3500 – 1.3570

EUR USD Chart February 16

  • Further levels in both directions: Below    1.35, 1.3440, 1.3334, 1.3267, 1.3180, 1.3080, 1.2970.
  • Above: 1.3570, 1.3610, 1.37, 1.3760, 1.3830,  1.3950, 1.4030, 1.4160 and 1.4230.
  • 1.3440 is important support below – just proved itself in recent days.
  • The  failure  to conquer the critical 1.3760 is a bearish sign

Euro/Dollar in same range – click on the graph to enlarge.

EUR/USD Fundamentals –

  • 13:30 US PPI. Exp. +0.9%. Core PPI, exp. +0.2%.
  • 13:30 US Building Permits. Exp. 570K.
  • 13:30 US Housing Starts. Exp. 550K.
  • 14:15 US Industrial Production. Exp. +0.5%.
  • 14:15 US Capacity Utilization Rate. Exp. 76.4%.
  • 15:00 US Treasury  Secretary Timothy Geithner talks.
  • 19:00 US FOMC Meeting Minutes.

* All times are GMT.

For more events later in the week, see the  EUR/USD forecast

EUR/USD Sentiment

  • GDP figures yesterday were weaker than expected, especially in France, but also in other Euro-zone countries.
  • The departure of Axel Weber from the ECB continues to weigh on the Euro – now there’s a new candidate – Jens Weidmann, Chancellor Merkel’s aide.
  • Irish debt is a big burden: There are growing talks of a default in Ireland. Opposition party in Ireland, Fine Gael,  wants a haircut for senior bondholders. Now they have a precedent of a  default in Denmark to rely on. The current government left this issue for the next government.
  • A bailout for Portugal is getting closer as bond yields are rising and becoming unsustainable again.

Currensee Community: 61% are long , 39% are short. These are 1366 open positions in real accounts trading this pair at the moment.  

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.