EUR/USD Nov. 16 Leaning Lower on Busy Day

EUR/USD continues losing ground and is dropping towards lower support, as the calendar becomes busy. Will it make another big drop or recover? Here’s a quick update on technicals, fundamentals and community trends.

Euro/Dollar in low range

EUR/USD Technicals

• Asian session:  A very quiet Asian session left Euro/Dollar in low range.
• Current Range between 1.3530 to 1.3640
• Further levels in both directions: Below 1.3530, 1.3430, 1.3334, 1.3267, 1.3114 and 1.2920.  Above  1.3640, 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.

• 7:45  French Non-Farm Payrolls. Exp.  +0.4%.
• 10:00 German ZEW Economic Sentiment. Exp. -5.9 points.
• 10:00 All-European ZEW Economic Sentiment. Exp. +2.3 points.
• 10:00 European CPI. Exp. 1.9%. Core CPI exp. 1%.
• 13:30 US PPI. Exp. +0.7%. Core PPI, exp. +0.2%.
• 14:00 US TIC Long-Term Purchases. Exp. 100 billion.
• 14:15 US Industrial Production. Exp. +0.4%.
• 14:15 US Capacity Utilization Rate. Exp. 75%.
• 15:00 US NAHB Housing Market Index. Exp. 17 points.

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.
• US figures have been better than expected lately, and today’s numbers, especially TIC Long-Term Purchases, could help the dollar.
• QE2 is heavily overshadowed by the European debt issues.
• Currensee Community: 57% are long, 43% are short. These are 1206 open positions in real accounts trading this pair at the moment. Is the community seeing a Euro recovery underway?

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