EUR/USD Jan. 24 – Stopping to Rest on High Ground

EUR/USD began the week with some consolidation at higher ground. Is it preparing for another push forward or will it lose ground?   Here’s a quick update on technicals, fundamentals and community trends.

EUR/USD Technicals

• Asian session:  traded around 1.36.
• Current range – 1.3576 to 1.37.



• Further levels in both directions: Below   1.3576, 1.3440, 1.3334, 1.3267, 1.3180, 1.3080, 1.2970, 1.2920,  1.28, 1.2722, 1.2587.
• Above     1.37, 1.3786, 1.3950, 1.4030 and 1.4220.
• 1.3440 is the key level – it has stopped the Euro so many times in the past – we’ve seen false breakouts in both directions. This is the key on the downside.
• Next resistance is at 1.37.

Euro/Dollar moving on up – click on the graph to enlarge.

EUR/USD Fundamentals –

• 8:00 French Flash Manufacturing PMI. Exp. 56.8 points.
• 8:00 French Flash Services PMI. Exp. 55.2.
• 8:30 German Flash Manufacturing PMI. Exp. 61.1.
• 8:30 German Flash Services PMI. Exp. 59.2.
• 9:00 European Flash Manufacturing PMI. Exp. 57.1.
• 9:00 European Flash Services PMI. Exp. 54.2.
• 10:00 European Industrial New Orders. Exp. 2.3%.

* All times are GMT. For more events later in the week, see the EUR/USD forecast.

EUR/USD Sentiment

• Strategists shift positions in favor of the Euro.
• Irish prime minister resigned from leading his party. Currently this has little impact.
• The Irish banks find new money at their own central bank. Some say that the Irish central bank is printing Euros. Trichet ignores this.
• Spanish yields are 5.20%- this is great for the Euro. This comes as Fitch has an optimistic view about the Spanish banking sector.
• 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. Less fear from a rate hike helps the Euro – a rate hike is also pushed by German PPI.

Currensee Community: 62% are long , 38% are short. These are 1359 open positions in real accounts trading this pair at the moment. 

Get the 5 most predictable currency pairs