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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