EUR/USD started the week with a Sunday gap at the important support line, as bad news flows from Europe and important US data is due later today. Here’s a quick update on technicals, fundamentals and community trends. EUR/USD Technicals Asian session: After opening with a weekend gap, EUR/USD stabilized higher above support at 1.4058. Current range – 1.4030 – 1.4160 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, 1.4450, 1.4580, 1.48, 1.50. 1.4030, the important support line, is now undergoing serious tests. 1.4160 turned into a pivotal line. 1.4282 couldn’t be challenged. This is the highest level in a year (reached in November). We currently see a bounce. Euro/Dollar bouncing off support – click on the graph to enlarge. EUR/USD Fundamentals – 12:30 US Personal Spending. Exp. +0.6%. 12:30 US Personal Income. Exp. +0.5%. 12:30 US Core PCE Price Index. Exp. +0.2%. 14:00 US Pending Home Sales. Exp. unchanged. 15:00 ECB President Jean-Claude Trichet talks.Is expected to reiterate the call for an interest rate hike. 19:40 US FOMC member Charles Evans talks. Will likely be hawkish. * All times are GMT. For more events later in the week, see the EUR/USD forecast EUR/USD Sentiment Irish Banks Default: After the second EU summit failed to find a better solution for the current problematic Irish bailout scheme, the government moves on to use the default / restructuring weapon. Here’s an analysis of the Irish move and the meaning for the euro. Hawkish Federal Reserve: Over the weekend and beforehand, many Fed official spoke out about stopping QE2 and one member, Charles Plosser, also spoke about raising the rates. This has helped the dollar across the board. Bailout for Portugal – After the Portuguese government collapsed, the recent credit downgrades by Moody’s, Fitch and S&P and the yields that are over the roof, ECB member Evald Nowotny made an open call for a bailout. This isn’t good for the Euro. European officials state rate hike is underway: European central bankers make their message very clear – the rate is going to rise. These talks sent the Euro higher, and they join the mix of European talks. Mid-East Crisis: The focus of tensions in the Middle East is now in Syria, which has seen serious riots and in Yemen, after the Libyan rebels recaptured important cities. Oil prices are weakening and this helps the dollar, at least until the next round. Currensee Community: 61% are long , 39% are short. These are 1264 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 Sirte Conquered by Libyan Rebels? Oil Falls, Dollar Stronger Yohay Elam 12 years EUR/USD started the week with a Sunday gap at the important support line, as bad news flows from Europe and important US data is due later today. Here's a quick update on technicals, fundamentals and community trends. EUR/USD Technicals Asian session: After opening with a weekend gap, EUR/USD stabilized higher above support at 1.4058. Current range - 1.4030 - 1.4160 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, 1.4450, 1.4580, 1.48, 1.50. 1.4030, the important support line, is now undergoing serious tests. 1.4160 turned into… 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.