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.
Euro/Dollar in low range
- 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.
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%.
- 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?
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