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EUR/USD started the week in a lower range than its close on Friday, before important US figures are released. Is it pausing before a new fall? Here’s a quick update on technicals, fundamentals and community trends.

eur usd forecast November 15


Euro/Dollar in low range

EUR/USD Technicals

  • Asian session:  A run over 1.37 was short-lived.
  • Current Range between 1.3640 to 1.37.
  • Further levels in both directions: Below 1.3640, 1.3530, 1.3430, 1.3334, 1.3267, 1.3114 and 1.2920.  Above  1.37, 1.3830,  1.3950, 1.4030, 1.4030, 1.4160, and 1.4217.
  • 1.3334 significant lower point
  • 1.3830 significant higher point.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 10:00 European Trade Balance. Exp. +1.3 billion.
  • 13:30 US Retail Sales. Exp. +0.7%. Core retail sales, exp. +0.4%.
  • 13:30 US Empire State Manufacturing Index. Exp. 13.9 points.
  • 15:00 US Business Inventories. Exp. +0.6%.

EUR/USD Sentiment

  • The EU pushes Ireland to take a bailout package quickly, as there are fears that the debt crisis will spread to other countries such as Spain and Italy.
  • Bad European GDP just adds on to the Irish crisis.
  • QE2 has a stronger effect on commodity currencies than the majors, although Europe begins to drag down everybody.
  • Currensee Community: 58% are long, 42% are short. These are 1193 open positions in real accounts trading this pair at the moment. Is the community seeing a Euro recovery underway?

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