EUR/USD is losing support and falling as Spain received a painful downgrade from Moody’s. Where will this stop? Here’s a quick update on technicals, fundamentals and community trends. EUR/USD Technicals Asian session: Quiet session within 1.3860 – 1.3950 range. Fall began in European session. Current range – 1.3760 – 1.3860 Further levels in both directions: Below 1.3760, 1.37, 1.3610, 1.35, 1.3440, 1.3334, 1.3267, 1.3180, 1.3080, 1.2970. Above: 1.38601.3950, 1.4030, 1.4160, 1.4282, 1.44 While the round number of 1.40 is eyed by many, real resistance is only at 1.4030. Key support at 1.3860 held well in the past few days but collapsed on the Spanish news. Euro/Dollar in narrow range under resistance – click on the graph to enlarge. EUR/USD Fundamentals – 7:00 German Trade Balance. Exp. +13.7 billion. Actual +11.8. 7:45 French Industrial Production. Exp. +0.6%. Actual +1%. 9:00 European ECB Monthly Bulletin. 13:30 US Unemployment Claims. Exp. 375K. 13:30 US Trade Balance. Exp. -41 billion. 14:00 ECB member Axel Weber talks. 18:00 US Federal Budget Balance. Exp. -235 billion. * All times are GMT. For more events later in the week, see the EUR/USD forecast EUR/USD Sentiment Moody’s downgrades Spain’s credit rating by one level to AA2, stating that the eventual cost of bank restructuring will pass the government’s target of 20 billion euros. They estimate it will be at least double. Moody’s also left the outlook negative. This is a blow to the Euro. Bailout for Portugal – Yields broke higher – to 7.65%. There are growing talks that Portugal will need to take a bailout, as yields are above 7% for too much time. Portugal denies, but the deadline is getting closer. The prices of oil retreated from their highs, although the Middle East is still troubled. The ongoing battles in the oil dispatching city of Ras Lanuf in Libya draw the world’s attention, as well as Saudi protests. Greece received a significant downgrade from Moody’s – three notches. This had a strong effect on Greek bonds, but not on the Euro. Spain is already bigger. US employment figures were good – unemployment dropped below 9% and it seems that the economy is gradually moving forward. Currensee Community: 61% are long , 39% are short. These are 1449 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 AUD/USD Mar.11-Aussie Continues Slide against US Dollar on Poor Tamar Schoppik 12 years EUR/USD is losing support and falling as Spain received a painful downgrade from Moody's. Where will this stop? Here's a quick update on technicals, fundamentals and community trends. EUR/USD Technicals Asian session: Quiet session within 1.3860 - 1.3950 range. Fall began in European session. Current range - 1.3760 - 1.3860 Further levels in both directions: Below 1.3760, 1.37, 1.3610, 1.35, 1.3440, 1.3334, 1.3267, 1.3180, 1.3080, 1.2970. Above: 1.38601.3950, 1.4030, 1.4160, 1.4282, 1.44 While the round number of 1.40 is eyed by many, real resistance is only at 1.4030. Key support at 1.3860 held well in the past few days but… 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.