EUR/USD Dec. 3 – Showing Strength Ahead of NFP

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EUR/USD manages to trade in higher levels after Trichet’s maneuver and is awaiting to rock on the Non-Farm Payrolls. Will it continue higher, or was this just a temporary recovery ? Here’s a quick update on technicals, fundamentals and community trends.

Euro dollar December 3

Euro/Dollar recovering above 1.32.

EUR/USD Technicals

  • Asian session:  EUR/USD trades quietly around 1.32..
  • Current Range between 1.32 to 1.3267
  • Further levels in both directions: Below   1.32, 1.3114, 1.30, 1.2920, 1.2722, 1.2587. Above   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 –

  • 7:30ECB president speaks. This time, he doesn’t say anything or do any sneaky move
  • 9:00 European Final Services PMI. Exp. 55.2.
  • 10:00 European Retail Sales. Exp. +0.4%.
  • 13:30 US Non-Farm Payrolls. Exp. +150K.
  • 13:30 US Unemployment Rate. Exp. 9.6%.
  • 15:00 ISM Non-Manufacturing PMI. Exp. 54.7 points.
  • 15:00 US Factory Orders. Exp. -0.7%.

* All times are GMT.

EUR/USD Sentiment

  • Focus is on the Non-Farm Payrolls. As it seems now, the market reaction will be “normal” – a good number will boost the US dollar, and a weak number will weaken it. Note that trading will be extremely choppy.
  • Contagion is weaker – with troubles already in 5 countries. Spanish bonds yields made a sharp drop after hope turned to Trichet.
  • Currensee Community: 41% are long , 59% are short- yesterday we had more shorts. These are 1201  open positions in real accounts trading this pair at the moment. The community doesn’t believe in this Euro recovery.

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About Author

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.

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