EUR/USD Nov. 10 – Loses More Ground

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.

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?

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