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.
- 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.
Get the 5 most predictable currency pairs