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EUR/USD loses more ground and is approaching an important support line. Will it bounce here or break down on this busy day? Here’s a quick update on technicals, fundamentals and community trends.

eur usd forecast November 10


Euro/Dollar approaching 1.37

EUR/USD Technicals

  • Asian session:  EUR/USD traded in a low range under 1.38.
  • Current Range between 1.37 to 1.3830.
  • Further levels in both directions: Below,  1.37, and 1.3637.  Above  1.3830,  1.3950, 1.4030, 1.4030, 1.4160, 1.4217, 1.4280, 1.4450 and 1.4580.
  • 1.37 significant lower point
  • 1.4030 significant higher point.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 6:30 French CPI. Exp. +0.2%. Actual +0.1%.
  • 7:00 German WPI. Exp. +0.7%. Actual -0.3%. Disappointment.
  • 7:45 French Industrial Production. Exp. +0.2%. Actual +0.1%.
  • 13:30 US Unemployment Claims. Exp. 451K.
  • 13:30 US Trade Balance. Exp. -45 billion.
  • 18:00 ECB president Jean-Claude Trichet talks.
  • 19:00 US Federal Budget Balance. Exp. -153 billion.

EUR/USD Sentiment

  • QE2 has a stronger effect on commodity currencies than the majors, although Europe begins to drag down everybody.
  • Irish debt issues are becoming a problem once again, with Irish banks leading the pack.
  • Tensions towards the G-20 summit in the upcoming weekend are also on the agenda, but there’s a small chance of any agreement reached.
  • Currensee Community: 59% are long, 41% are short. These are 1171 open positions in real accounts trading this pair at the moment. Is the community seeing the dollar escape the bearish trend with QE2?

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