EUR/USD managed to break through the resistance line that capped it, but didn’t get to far. Trading volume is on the rise after the long weekend. Here’s a quick update on technicals, fundamentals and community trends.
Euro/Dollar breaking resistance.
EUR/USD Technicals
- Asian session: EUR/USD had an active session and it broke above 1.3180..
- Current Range between 1.3180 and 1.3267.
- Further levels in both directions: Below 1.3180, 1.3080, 1.30, 1.2920, 1.2722, 1.2587. Above 1.3267, 1.3334, 1.3576, 1.37, 1.3786, 1.3950 and 1.4030.
- 1.3080 important support below
- 1.3440 is important resistance above and remains as such after a breakout attempt failed.
EUR/USD Fundamentals –
- 14:00 US S&P/CS Composite-20 HPI. Exp. -0.1%.
- 15:00 US CB Consumer Confidence. Exp. 56.3 points.
- 15:00 US Richmond Manufacturing Index. Exp. 11 points.
* All times are GMT.
For more events later in the week, see the EUR/USD forecast.
EUR/USD Sentiment
- The Chinese rate hike risks global growth and triggered risk aversive trading, but at least for now, the effect is fading out.
- Irish banks are still troubled and may draw weigh on the Euro.
- France is danger of suffering a credit rating downgrade – France is Europe’s second largest economy. A downgrade or a warning will send the Euro way down.
- Spanish bond yields have stabilized at high levels, around 5.50%
- Trading volume isn’t as thin as yesterday, but it’s still low in comparison to regular days during the year.
- Currensee Community: 50% are long , 50% are short. These are 1270 open positions in real accounts trading this pair at the moment.
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