EUR/USD Dec. 9 – Upwards Attempt Shattered

EUR/USD rose to a higher range, in a hesitant and fragile move that has been erased by now. We finally get important US data today. Will the Euro collapse or move forward?  Here’s a quick update on technicals, fundamentals and community trends.

Euro/Dollar above back to the range.

EUR/USD Technicals

• Asian session:  Rose to higher range, settled there, and returned down at the wake of the European session..
• 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, 1.3440, 1.3640, 1.37, 1.3830,  1.3950 and 1.4030.
• 1.2720 is a low, very strong support line.
• 1.3830 significant higher point – far away now.

EUR/USD Fundamentals –

• 7:00 German Final CPI. Exp. 0.1%. Actual 0.1%.
• 9:00 ECB Monthly Bulletin – emphasizes the high unemployment rate.
• 13:30 US Unemployment Claims. Exp. 426K.
• 15:00 US Wholesale Inventories. Exp. +0.9%.

* All times are GMT.

EUR/USD Sentiment

• ECB focuses its efforts on Portugal, after Ireland already fell.
• Spanish bonds yields rise again, as Trichet’s bond buying program is rather limited.
• US Treasury yields are on the rise after the tax cut deal between Obama and the Republicans. This helps the US dollar.
• Currensee Community: 45% are long , 55% are short. These are 1370 open positions in real accounts trading this pair at the moment. The community sees more drops in EUR/USD.

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