EUR/USD finally made a significant convincing breakout. The trigger was the international intervention to weaken the yen. Will it close the week at these levels. Here’s a quick update on technicals, fundamentals and community trends. EUR/USD Technicals Asian session: Dramatic session saw EUR/USD convincingly break above 1.4030 and later touch 1.41. Current range – 1.4030 – 1.41160. Further levels in both directions: Below 1.4030, 1.3950, 1.3860, 1.3760, 1.37, 1.3610, 1.35, 1.3440, 1.3334, 1.3267, 1.3180, 1.3080, 1.2970. Above: 1.4160, 1.4282, 1.44, 1.4540 1.4030 now turned into important support after being broken. Initial resistance is at 1.4160, but the much more important line is 1.4282. Euro/Dollar in same range and looking to move higher – click on the graph to enlarge. EUR/USD Fundamentals – 7:00 German PPI. Exp. +0.7%. Actual +0.7%. 9:00 European Current Account. Exp. -10.6 billion. Actual +0.7 billion. 10:00 European Trade Balance. Exp. -2 billion. Actual -3.3 billion. * All times are GMT. For more events later in the week, see the EUR/USD forecast EUR/USD Sentiment International Currency Intervention: The G7 countries intervened to push the yen lower and aid Japan’s economy in the face of the earthquake. This sent USD/JPY all the way to above 81, and also included intervention in EUR/JPY. The ECB and the central banks of Germany and Italy bought Euros and sold yens. The result was the breakout in EUR/USD as well. Libyan Airstrikes Approved: The UN Security Council authorized air strikes on Libya, complicating the situation. This sent oil higher and weighs on the US dollar, also against the Euro. See a full analysis of the UN decision on Libya and the implications for oil and the dollar. Bailout for Portugal – Portuguese officials warn that if the budget isn’t approved, they’ll seek a bailout.Together with the credit downgrade by Moody’s and the weak decision in the EU Summit, this makes the bailout closer. Here’s a full analysis of the EU Summit. FOMC Statement: Ben Bernanke and the other members made no changes to the interest rate or the QE2 program. But, the statement was relatively hawkish, dedicating many words to “monitoring inflation”. See the FOMC Review for more. Currensee Community: 60% are long , 40% are short. These are 1402 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 FXCM Wishes to Buy Forex Brokers Yohay Elam 12 years EUR/USD finally made a significant convincing breakout. The trigger was the international intervention to weaken the yen. Will it close the week at these levels. Here's a quick update on technicals, fundamentals and community trends. EUR/USD Technicals Asian session: Dramatic session saw EUR/USD convincingly break above 1.4030 and later touch 1.41. Current range - 1.4030 - 1.41160. Further levels in both directions: Below 1.4030, 1.3950, 1.3860, 1.3760, 1.37, 1.3610, 1.35, 1.3440, 1.3334, 1.3267, 1.3180, 1.3080, 1.2970. Above: 1.4160, 1.4282, 1.44, 1.4540 1.4030 now turned into important support after being broken. Initial resistance is at 1.4160, but the much more… 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.