EUR/USD is trading in a high range, as tension mounts towards Jean-Claude Trichet’s rate decision and as the Egyptian crisis escalates. Will it break higher on this busy day? Here’s a quick update on technicals, fundamentals and community trends. EUR/USD Technicals Asian session: Very quiet trade around 1.38. Current range – 1.3760 to 1.3830. EUR USD Chart - February 3 - Click to enlarge Further levels in both directions: Below 1.37, 1.3576, 1.3440, 1.3334, 1.3267, 1.3180, 1.3080, 1.2970. Above: 1.3830, 1.3950, 1.4030, 1.4160 and 1.4230. 1.3760 turns into significant support after the breakout – it already worked as such. 1.40 is next big target, although resistance appears under and above this line. Euro/Dollar manages taking a break after breakout- click on the graph to enlarge. EUR/USD Fundamentals – 9:00 European Final Services PMI. Exp. 55.2. Actual 55.9 points 10:00 European Retail Sales. Exp. +0.6%. 12:45 European rate decision. Exp. Unchanged at 1%. Press conference at 13:30 will create high volatility. 13:30 US Unemployment Claims. Exp. 420K. 13:30 US Unit Labor Costs. Exp. 0.4%. 13:30 Non-Farm Productivity. Exp. 2.1% 13:30 US ISM Non-Manufacturing PMI. Exp. 57.2 points. 15:00 US Factory Orders. Exp. -0.2%. 18:00 Federal Reserve Chairman Ben Bernanke talks. * All times are GMT. For more events later in the week, see the EUR/USD forecast EUR/USD Sentiment Inflation is becoming problematic for Europe. This comes as employment is still high. Double trouble for Europe. Trichet showed concerns about inflation and boosted the Euro. It already reached 2.4%. Will Trichet up his tone about inflation and hint a rate hike? Egyptian crisis: Fresh escalation as anti-government and pro-Mubarak protesters clash violently. Is Egypt entering a civil war? There are rumors that Obama told the Egyptian army to bring Mubarak down. An escalation is positive for the dollar. Greek default? Plans are drawn for a making a 25% haircut on Greek debt, codenamed “Brady plan”. This has been overshadowed by the events in Egypt. S&P downgraded Ireland’s credit rating. Unsurprising, but a reminder that the crisis isn’t over. Spanish bond yields stabilized and now stand at 5.13% – still relatively low. Currensee Community: 63% are long , 37% are short. These are 1376 open positions in real accounts trading this pair at the moment. Yohay Elam Yohay Elam 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. Yohay's Google Profile View All Post By Yohay Elam EUR/USD Daily share Read Next Shahira Amin Quit Egyptian State TV Yohay Elam 11 years EUR/USD is trading in a high range, as tension mounts towards Jean-Claude Trichet's rate decision and as the Egyptian crisis escalates. Will it break higher on this busy day? Here's a quick update on technicals, fundamentals and community trends. EUR/USD Technicals Asian session: Very quiet trade around 1.38. Current range - 1.3760 to 1.3830. [caption id="attachment_15167" align="alignright" width="400" caption="EUR USD Chart - February 3 - Click to enlarge"][/caption] Further levels in both directions: Below 1.37, 1.3576, 1.3440, 1.3334, 1.3267, 1.3180, 1.3080, 1.2970. Above: 1.3830, 1.3950, 1.4030, 1.4160 and 1.4230. 1.3760 turns into significant support after the breakout - it… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.