EUR/USD Nov. 2 – Choppy Trading Continues
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EUR/USD Nov. 2 – Choppy Trading Continues

EUR/USD is back to the frustrating range, just under the pivotal line. Will it improve positions before QEII? Here’s a quick update on technicals, fundamentals and community trends. We have important events already today, on Monday.

eur usd November 2

EUR/USD around settled above 1.3950

EUR/USD Technicals

  • Asian session:  EUR/USD traded around 1.3900 during most of the session.
  • Current Range between 1.3830 and 1.3950.
  • Further levels in both directions: Below, 1.3830, 1.37, 1.3637, 1.3530, 1.3430 and 1.3333.  Above  1.3950, 1.4030, 1.4217, 1.4450 and 1.4580.
  • 1.4030 proved to be a strong line in the past, but EUR/USD couldn’t hold on to it.
  • 1.3830 important line below.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 12:30 European Final Manufacturing PMI. Exp. 54.1 points.

EUR/USD Sentiment

  • Congressional elections in the US are expected to result in a shift of power towards the Republicans in Congress. The situation isn’t so easy for the Obama administration, so things aren’t expected to dramatically change.
  • Debt issues never went away, but the market disregards them. Note that the Greek prime minister said that debt might be restructured, creating anger within the European Union.
  • The inevitable second round of quantitative easing in the US is a done deal, but will probably be of a lesser scale than thought earlier. – comments regarding the size will have a strong impact on EUR/USD. This is the main theme this week.
  • Currensee Community: 52% are short, 48% are long. This is a change towards shorts. These are 116 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.