EUR/USD manages to stabilize in lower ground as the G-20 summit begins and many markets are on holiday. Will G-20 statements rock the pair? Here’s a quick update on technicals, fundamentals and community trends.
Euro/Dollar approaching 1.37
EUR/USD Technicals
- Asian session: Narrow range trading above 1.37.
- 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.
- 9:00 ECB Monthly Bulletin.
EUR/USD Sentiment
- Irish debt issues are becoming a problem once again, with Irish banks leading the pack. The gap between Irish and German bonds has widened. There are doubts on whether Ireland can pay its debt.
- QE2 has a stronger effect on commodity currencies than the majors, although Europe begins to drag down everybody.
- G-20 statements will rock the markets. No significant agreement is expected, but any mention of currencies will move the markets. FX is high on the agenda.
- Currensee Community: 58% are long, 42% are short. These are 1121 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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