EUR/USD is rising and hesitating towards critical resistance after an impressing comeback yesterday. Will it break higher this time? Here’s a quick update on technicals, fundamentals and community trends.
- Asian session: Euro/Dollar jumped above 1.3700 and managed to stay there.
- Current range – 1.37 – 1.3760
- Further levels in both directions: Below 1.37, 1.3610, 1.35, 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.
- 1.3440 is important support below – just proved itself last week – EUR/USD escaped it once again.
- The failure to conquer the critical 1.3760 a few weeks ago was a bearish sign. Will it break higher this time.
Euro/Dollar below on higher ground- click on the graph to enlarge.
EUR/USD Fundamentals –
- 6:30 French CPI. Exp. -0.1%. Actual -0.2%.
- 10:00 European Industrial New Orders. Exp. -0.8%. Actual +2.1%. Euro positive.
- 15:00 US Existing Home Sales. Exp. 5.27 million.
- 17:00 ECB President Jean-Claude Trichet talks.
- 17:15 ECB member Axel Weber talks.
- 18:30 US FOMC member Charles Plosser talks.
* All times are GMT.
For more events later in the week, see the EUR/USD forecast
- The devastating earthquake in Christchurch, New Zealand, now has a more limited effect.
- The civil war in Libya is horrible, but the pledge by the Saudis to fill in for the missing capacity lowered the price of oil and weakened the dollar..
- The hawkish comment by ECB members, Mersch and Smaghi about raising the rates continue to boost the Euro.
- 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. Elections are held on Friday, February 25th.
- A bailout for Portugal is getting closer as bond yields are rising and becoming unsustainable again.
Currensee Community: 59% are long , 41% are short. These are 1383 open positions in real accounts trading this pair at the moment.Get the 5 most predictable currency pairs