EUR/USD Feb. 10 – Falling Towards Support

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EUR/USD is losing the nice gains it made yesterday and is approaching support. Where will it go on this busy day ?  Here’s a quick update on technicals, fundamentals and community trends.

EUR/USD Technicals

  • Asian session:  Euro/Dollar failed to break above 1.3760 and fell through 1.37. Fall continues in European session.
  • Current range – 1.3610 to 1.37.

EUR USD Chart - February 10

  • Further levels in both directions: Below    1.3610, 1.3576, 1.3440, 1.3334, 1.3267, 1.3180, 1.3080, 1.2970.
  • Above: 1.37, 1.3760, 1.3830, 1.3950, 1.4030, 1.4160 and 1.4230.
  • 1.3760proved to be key resistance once again.
  • 1.3440 is important support below. We’re still far.1.3610 is closely watched now.

Euro/Dollar small recovery- click on the graph to enlarge.

EUR/USD Fundamentals –

  • 7:45 French Industrial Production. Exp. +0.3%.
  • 9:00 ECB Monthly Bulletin.
  • 12:00 ECB member Axel Weber talks.
  • 13:30 US Unemployment Claims. Exp. 411K.

* All times are GMT.

For more events later in the week, see the EUR/USD forecast

EUR/USD Sentiment

  • First weekly unemployment claims figure after NFP will be interesting – a fall under 400K will be dollar positive and a rise above 430K will be bad. See an alternative way to trade this event.
  • Opposition party in Ireland, Fine Gael,  wants a haircut for senior bondholders. Now they have a precedent of a default in Denmark to rely on. The current government left this issue for the next government.
  • Trichet didn’t lift tone against inflation. This sent the Euro last week.
  • Egyptian crisis: The strikes in Egypt add fuel to the fire, and could topple the regime. Currently, ships still pass through the Suez canal, but aren’t taxed. A closure of the canal will aid the dollar. The demonstration tomorrow, labeled “Friday of Martyrs”, might be critical.

Currensee Community: 60% are long , 40% are short. These are 1344 open positions in real accounts trading this pair at the moment. 

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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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