EUR/USD managed to hold on to the relatively higher range as the markets that still were on holiday now get back to business. We also have quite a few indicators today. Here’s a quick update on technicals, fundamentals and community trends.
Euro/Dollar now still high
EUR/USD Technicals
- Asian session: Stable session saw the pair hold on to support at 1.3334.
- Current Range between 1.3334 to 1.3440
- Further levels in both directions: Below 1.3334, 1.3267, 1.3180, 1.3080, 1.30, 1.2920, 1.2722, 1.2587. Above 1.3576, 1.37, 1.3786, 1.3950 and 1.4030.
- 1.3080 important support below
- 1.3440 is important resistance above.
EUR/USD Fundamentals –
- 8:55 German Unemployment Change. Exp. -12K.
- 10:00 European CPI Flash Estimate. Exp. +2%.
- 15:00 US Factory Orders. Exp. -0.1%.
- 19:00 US FOMC Meeting Minutes.
* All times are GMT.
For more events later in the week, see the EUR/USD forecast.
EUR/USD Sentiment
- Talks of China buying Spanish bonds helped the Euro, although this may be merely a political gesture rather than real help. Spanish bonds are stable in the meantime.
- Portugal has a bond auction this week – many eyes are on it, and some speculate it will be the last domino.
- Europe has a lot of debt to pay back in 2011, probably above 1 trillion euros. This could evolve into a full blown “credit crunch 2” crisis.
- Currensee Community: 52% are long , 48% are short. These are 1279 open positions in real accounts trading this pair at the moment.
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