EUR/USD Dec. 1 – Showing Signs of Recovery

EUR/USD is recovering above 1.30 after good after the fall yesterday and some good data now. Is it gaining energy for a new fall, or has it reached a bottom? Here’s a quick update on technicals, fundamentals and community trends.

Euro/Dollar recovering above 1.30.

EUR/USD Technicals

• Asian session:  EUR/USD struggled under 1.30, and eventually managed to climb above it.
• Current Range between 1.30 to 1.3114.
• Further levels in both directions: Below   1.3114, 1.2920, 1.2722, 1.2587.  Above   1.32, 1.3267, 1.3334, 1.3430, 1.3640, 1.37, 1.3830,  1.3950 and 1.4030.
• 1.2720 is the next, very strong support line.
• 1.3830 significant higher point – far away now.

EUR/USD Fundamentals –

• 7:00 German Retail Sales. Exp. +1.3%. Actual +2.3%.
• 9:00 European Final Manufacturing PMI. Exp. 55.5 points.
• 13:15 US ADP Non-Farm Payrolls. Exp. 70K.
• 14:10 US FOMC member Janet Yellen talks.
• 15:00 US ISM Manufacturing PMI. Exp. 56.4 points.
• 15:00 US Construction Spending. Exp. -0.3%.
• 19:00 US Beige Book.

* All times are GMT.

EUR/USD Sentiment

• Contagion is very strong – with troubles already in 5 countries. Spanish bonds yields are above 5.5% and Italian bonds sit above 4% already.
• Irish deal is better than expected, with an interest rate of 5.8%, but it doesn’t prevent contagion to Spain and Portugal.
• US data today, ADP NFP and especially the manufacturing PMI provide great indicators for the Non-Farm Payrolls on Friday.
• Currensee Community: 49% are long , 51% are short- yesterday we had more longs. These are 1251 open positions in real accounts trading this pair at the moment. Now the community leans towards a change.

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