EUR/USD worked its way up towards 1.40 at the beginning of a very intense week, and settled above a pivotal line. Will it improve positions before QEII? Here’s a quick update on technicals, fundamentals and community trends. We have important events already today, on Monday.
EUR/USD around settled above 1.3950
EUR/USD Technicals
- Asian session: EUR/USD climbed above 1.40 but retreated/
- Current Range between 1.3950 and 1.4030.
- Further levels in both directions: Below, 1.3950, 1.3830, 1.37, 1.3637, 1.3530, 1.3430 and 1.3333. Above 1.4030, 1.4217, 1.4450 and 1.4580.
- 1.4030 proved to be a strong line in the past, but EUR/USD couldn’t hold on to it.
- 1.3830 important line below.
EUR/USD Fundamentals
All times are GMT. Most important events emphasized.
- 12:30 US Personal Spending. Exp. +0.4%.
- 12:30 US Core PCE Price Index. Exp.. +0.1%.
- 14:00 US ISM Manufacturing PMI. Exp. 54.2 points.
- 14:00 US Construction Spending. Exp. -0.5%.
EUR/USD Sentiment
- Debt issues never went away, but the market disregards them. Maybe they will get more attention, especially with budgets in Ireland and Portugal.
- The inevitable second round of quantitative easing in the US is a done deal, but will probably be of a lesser scale than thought earlier. – comments regarding the size will have a strong impact on EUR/USD. This is the main theme this week.
- ISM Manufacturing PMI important hint towards Non-Farm Payrolls.
- Currensee Community: 54% are long, 46% are short, same as at the end of last week. These are 1173 open positions in real accounts trading this pair at the moment.
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