EUR/USD leaned lower at the wake of the new week and then climbed higher, still within a limited range. When will it explode? Here’s a quick update on technicals, fundamentals and community trends.
Euro/Dollar in the frustrating range.
- Asian session: Dipped to 1.3180 and climbed back.
- Current Range between 1.3180 to 1.3267
- Further levels in both directions: Below 1.3180, 1.3114, 1.30, 1.2920, 1.2722, 1.2587. Above 1.3267, 1.3334, 1.3440, 1.3640, 1.37, 1.3830, 1.3950 and 1.4030.
- 1.3114 is strong lower support
- 1.3440 is important resistance above
EUR/USD Fundamentals –
- 18:30 ECB president Jean-Claude Trichet talks
* All times are GMT.
For the major events due later in the week, see the EUR/USD outlook
- Spanish bonds yields continue rising. This Euro-crisis barometer is at 5.43%, getting close to the peak at the height of the Irish crisis.
- ECB focuses its efforts on Portugal, after Ireland already fell – to prevent trouble from reaching Spain.
- Irish parliament set to approve bailout plan on Wednesday.
- Currensee Community: 50% are long , 50% are short. These are 1291 open positions in real accounts trading this pair at the moment. The community sees more drops in EUR/USD.
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