EUR/USD Nov. 1 – Strengthening Before the Storm
Forex News Today: Daily Trading News

EUR/USD Nov. 1 – Strengthening Before the Storm

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.

euro dollar november 1

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.

Want to see what other traders are doing in real accounts? Check out Currensee. It’s free..

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.