Search ForexCrunch

EUR/USD continues losing ground and is now approaching the next line of support. Will it bounce here or break this line and drop faster? Here’s a quick update on fundamentals, technicals and community trends.

eur usd forecast

EUR/USD below long term support – click to enlarge

EUR/USD Technicals

  • Asian session:  More risk aversive trading – more losses for the Euro. EUR/USD fell gradually from 1.2680 to 1.2620,
  • Current Range is between 1.2610 to 1.2690.
  • Further levels: Below, 1.2460, 1.2330 and 1.2150.  Above  1.2722, 1.2880, 1.2930 and 1.30
  • Long term: On August 20th, EUR/USD lost less steep uptrend channel began on June 7th, from the year-to-date low of 1.1876. This turns into a resistance line now. For today, it stands on 1.2821. A break above this level will trigger a sharp recovery.

EUR/USD Fundamentals

  • 6:00 GMT: German Final GDP . Exp. 53.3, Actual 2.2 – as expected..
  • 10:00 GMT: Industrial New Orders. Exp. +1.6%.
  • 13:00 GMT: NBB Business Climate. Exp. -6.1.
  • 14:00 GMT: US Existing Home Sales. Exp. Drop to 4.66 million.

EUR/USD Sentiment

  • Market is in risk aversive mood. This means that bad US indicators are dollar positive.
  • The 1.2610 line is critical.
  • Existing home sales in the US are important today – another fall could accelerate risk aversion and send EUR/USD over the cliff.
  • Currensee Community: 55% are Short, 45% are long, with shortists having the upper hand. These are 905 open positions in real accounts trading this pair at the moment.

Note – This is a new and still experimental section on Forex Crunch. It’s still in development.

Want to see what other traders are doing in real accounts? Check out Currensee. It’s free..

Expert score


Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.