EUR/USD is moving up, ignoring mounting trouble in the Euro-zone and some better signs of the US economy. Will it break out today? Here’s a quick update on technicals, fundamentals and what’s going on in the markets. EUR/USD Technicals Asian session: EUR/USD dipped to support at 1.4770 and recovered quickly. Current range – 1.4770 – 1.4882 Further levels in both directions: Below 1.4770, 1.47, 1.4650, 1.4580, 1.4520, 1.4450, 1.4375, 1.4282, 1.4160, 1.4030, Above: 1.4882, 1.5020, 1.5144, 1.5250, 1.55 A false break above 1.4882 was very short lived. Will another attempt succeed? 1.4770 has proven to be very solid as support, marking the bottom border of the range Euro/Dollar moving up in range – click on the graph to enlarge. EUR/USD Fundamentals 9:00 European PPI. Exp. +0.7%. 14:00 US Factory Orders. Exp. +1.9%. For more events later in the week, see the EUR/USD forecast EUR/USD Sentiment Portugal Bailout at risk: The details for the bailout of Portugal may be released this week, but there’s no certainty that they’ll be approved, as the upcoming Finnish government may reject them, complicating the situation. Greece cannot pay: The Greek government is finally admitting it can’t pay its debt and begins talking about extending the length of the loan from the EU and IMF, as a delegation comes to Greece. New signs over the weekend show that the European Union is already working a restructuring program for Greece. The announcement can trigger contagion to other countries. First hint towards Non-Farm Payrolls is positive: ISM Manufacturing PMI came out better than expected and has shows continued strong growth in this sector. It didn’t help the dollar. Inflation is rising in Europe: Yet again, the initial read of inflation exceeded expectations. Contrary to the US, European eye the headline CPI. No hike is expected next week, but it could push it forward from July to June. Today we’ll get PPI numbers. A surprising rise will fuel the Euro. Bernanke declares QE2 Lite: The first ever press conference by the Fe yielded one important decision: Maturing assets will be reinvested – the central bank will continue being active, even if it won’t expand its balance sheet. This still means printing dollars, and it weakens the dollar across the board. In addition, inflation was dismissed. This theme will accompany us for a long time. FXCM Speculative Sentiment Index shows that 69% of traders are short, morethan yesterday. According to this contrarian index, this shows more gains for EUR/USD, and now more than beforehand. 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 Asia’s issue with inflation borne out by India’s FxPro - Forex Broker 12 years EUR/USD is moving up, ignoring mounting trouble in the Euro-zone and some better signs of the US economy. Will it break out today? Here's a quick update on technicals, fundamentals and what's going on in the markets. EUR/USD Technicals Asian session: EUR/USD dipped to support at 1.4770 and recovered quickly. Current range - 1.4770 - 1.4882 Further levels in both directions: Below 1.4770, 1.47, 1.4650, 1.4580, 1.4520, 1.4450, 1.4375, 1.4282, 1.4160, 1.4030, Above: 1.4882, 1.5020, 1.5144, 1.5250, 1.55 A false break above 1.4882 was very short lived. Will another attempt succeed? 1.4770 has proven to be very solid as… 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.