EUR/USD turned around and fell, when the markets returned to full blast after the holidays. A busy day ahead will rock the pair. Will it continue sliding? Here’s a quick update on technicals, fundamentals and community trends.
Euro/Dollar now still high
EUR/USD Technicals
- Asian session: Quiet session saw the pair sliding to the lower end of the range, then falling below.
- Current Range between 1.3180 to 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, 1.3440, 1.3576, 1.37, 1.3786, 1.3950 and 1.4030.
- 1.3440 is important resistance above.
- 1.3080 important support below
EUR/USD Fundamentals –
- 9:00 European Final Services PMI. Exp. 53.7, actual 54.2.
- 10:00 European Industrial New Orders. Exp. +1.3%.
- 10:00 European PPI. Exp. +0.3%.
- 10:45 Portuguese bond auction results
- 12:30 US Challenger Job Cuts.
- 12:15 US ADP Non-Farm Payrolls. Exp. +101K.
- 15:00 US ISM Non-Manufacturing PMI. Exp. 55.6 points.
* All times are GMT.
For more events later in the week, see the EUR/USD forecast.
EUR/USD Sentiment
- We have two important hints for the Non-Farm Payrolls on Friday – ADP Non-Farm Payrolls and Services PMI (Non-Manufacturing). Here’s a setup for trading the ADP NFP.
- Portugal’s bond auction is important for the whole debt crisis in 2011 – many eyes are on it, and some speculate it will be the last domino.
- Greece is denying the chances of a default – too much smoke without fire.
- 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: 50% are long , 50% are short. These are 1270 open positions in real accounts trading this pair at the moment.
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