EUR/USD Nov. 19 – Broke Above Resistance
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EUR/USD Nov. 19 – Broke Above Resistance

EUR/USD jumped higher on hopes for a resolution in Ireland and is now fighting to settle above a higher resistance line. Will it close the week even higher, or will the current positions be reversed? Here’s a quick update on technicals, fundamentals and community trends.

euro dollar november 19

Euro/Dollar above 1.37

EUR/USD Technicals

  • Asian session:  EUR/USD struggled with 1.3640. Break higher came on European session.
  • Current Range between 1.37 to 1.3830
  • Further levels in both directions: Below 1.37, 1.3640, 1.3530, 1.3430, 1.3334, 1.3267, 1.3114 and 1.2920.  Above   1.3830,  1.3950, 1.4030, 1.4030, 1.4160, and 1.4217.
  • 1.3334 significant lower point – this was an important peak in August, after which the Euro made a big decline. A struggle will probably be seen here.
  • 1.3830 significant higher point. EUR/USD has to convince that it conquered 1.37 first.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 7:00 German PPI. Exp. +0.4%. Actual +0.4%.
  • 10:15 US Federal Reserve Chairman Ben Bernanke talks.
  • 10:45 ECB president Jean-Claude Trichet talks.
  • 12:30 ECB member Axel Weber talks.

EUR/USD Sentiment

  • Ireland bailout terms discussed in depth. While Ireland still has cash for some time, the EU wants to prevent the contagion scenario, in which big economies such as Spain and Italy cannot raise money.
  • Note that Bernanke’s speech has already been leaked, yet the actual speech will still rock the market, and so will the other speakers.
  • Chinese hike of the reserve requirement doesn’t have an impact on the Euro. A hike in the Chinese interest rate is what’s needed to take the Euro down.
  • Currensee Community: 51% are long, 49% are short, down from 52:48 yesterday. These are 1207 open positions in real accounts trading this pair at the moment.

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

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.