EUR/USD could not break higher after escaping from low figures. Will the weak figures send it lower? Or will it break higher? Here’s a quick update on technicals, fundamentals and community trends.
EUR/USD Technicals
- Asian session: Climbed and made an attempt to break above 1.3570 -it failed.
- Current range – 1.3500 – 1.3570
- Further levels in both directions: Below 1.35, 1.3440, 1.3334, 1.3267, 1.3180, 1.3080, 1.2970.
- Above: 1.3570, 1.3610, 1.37, 1.3760, 1.3830, 1.3950, 1.4030, 1.4160 and 1.4230.
- 1.3440 is important support below – just proved itself in recent days.
- The failure to conquer the critical 1.3760 is a bearish sign
Euro/Dollar in same range – click on the graph to enlarge.
EUR/USD Fundamentals –
- 13:30 US PPI. Exp. +0.9%. Core PPI, exp. +0.2%.
- 13:30 US Building Permits. Exp. 570K.
- 13:30 US Housing Starts. Exp. 550K.
- 14:15 US Industrial Production. Exp. +0.5%.
- 14:15 US Capacity Utilization Rate. Exp. 76.4%.
- 15:00 US Treasury Secretary Timothy Geithner talks.
- 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
- GDP figures yesterday were weaker than expected, especially in France, but also in other Euro-zone countries.
- The departure of Axel Weber from the ECB continues to weigh on the Euro – now there’s a new candidate – Jens Weidmann, Chancellor Merkel’s aide.
- Irish debt is a big burden: There are growing talks of a default in Ireland. 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.
- A bailout for Portugal is getting closer as bond yields are rising and becoming unsustainable again.
Currensee Community: 61% are long , 39% are short. These are 1366 open positions in real accounts trading this pair at the moment.
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