EUR/USD got a blow as Greek debt was “junked” by Moody’s. It is now recovering on thin volume as tension mounts towards the Non-Farm Payrolls. The successful Spanish auction and fresh hopes send it towards resistance. Here’s a quick update on technicals, fundamentals and what’s going on in the markets. EUR/USD Technicals Asian session: The recovery began in the Asian session, that sent the pair above 1.4375. It just broke resistance and now trades above 1.4470 – this was later lost. Current range 1.4450 to 1.4520. Further levels in both directions: Below 1.4450, 1.4375, 1.4282 1.4160, 1.4030, 1.3950, 1.3860, 1.3760, 1.3570, 1.3440. Above: 1.4520, 1.4580, 1.4650, 1.47, 1.4775. 1.4450 is a veteran line of resistance that now returns to have a major role. 1.4375 is weaker now. Euro/Dollar rising in range – click on the graph to enlarge. EUR/USD Fundamentals 12:30 US Unemployment Claims. Exp. 416K. This is the last hint before the NFP. See how to trade USD/JPY on this event. 12:30 US Nonfarm Productivity. Exp. +1.8%. 14:00 US Factory Orders. Exp. -0.7%. For more events later in the week, see the Euro to dollar forecast EUR/USD Sentiment Greek talks proceed rapidly: A program for Greece might be concluded tomorrow. Details are emerging. Spanish auction is OK: Spain can still tap the financial markets, although it has to offer a higher yield. This helps the Euro. Greece Junked: Rating agency Moody’s downgraded Greece once again. The difference this time was not only the three notches downgrade, but also the putting the debt in C status – meaning junk – a default is close. This weakened the Euro. Weak US economy begins weighing on EUR/USD: ADP NFP was a disaster, showing that only 38K jobs were gained. Manufacturing PMI was also bad. These numbers join other bad figures such as Chicago PMI and consumer confidence released earlier this week. But this slowdown impacts the whole world, and sends us back to the risk averse trading: bad US figures mean a stronger dollar against the euro. Normal behavior is still seen against the yen and the franc. First German bank acknowledges Greek haircut: The German Landesbank NordLB wrote down assets related to Greek bonds. Although the sum is small, this is a precedent. Weak European figures: Inflation came out weaker than expected. So did German retail sales and German unemployment and other European numbers. This doesn’t hurt the euro, not yet. But if the German weakness and the softer inflation push the rate hike further back, the euro will sure suffer. FXCM Speculative Sentiment Index shows larger gains for the euro: 63% are short, more than 59% yesterday. According to this contrarian index, this shows even stronger gains for EUR/USD. 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 USD/JPY and USD/CAD Technical Analysis Yohay Elam 12 years EUR/USD got a blow as Greek debt was "junked" by Moody's. It is now recovering on thin volume as tension mounts towards the Non-Farm Payrolls. The successful Spanish auction and fresh hopes send it towards resistance. Here's a quick update on technicals, fundamentals and what's going on in the markets. EUR/USD Technicals Asian session: The recovery began in the Asian session, that sent the pair above 1.4375. It just broke resistance and now trades above 1.4470 - this was later lost. Current range 1.4450 to 1.4520. Further levels in both directions: Below 1.4450, 1.4375, 1.4282 1.4160, 1.4030, 1.3950, 1.3860, 1.3760,… 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.