EUR/USD jumped above resistance after the Irish government finally decided to formally ask for IMF / EU aid. Will it push forward, or will this move be short-lived? Here’s a quick update on technicals, fundamentals and community trends.
Euro/Dollar above 1.37
EUR/USD Technicals
- Asian session: EUR/USD broke above 1.37 and held on to it.
- 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.
- 1.3440 significant lower point – this was the lowest in 7 weeks.
- 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.
- 15:00 European Consumer Confidence. Exp. -10 points.
- 16:00 ECB president Jean-Claude Trichet talks.
EUR/USD Sentiment
- Irish cabinet decision to formally ask for aid of around 70-80 billion euros is significant progress in resolving the crisis. Headlines from Ireland will continue to rock the Euro.
- It’s also important to note headlines from Portugal, which is already marked as the next domino.
- 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: 52% are short, 48% are long – last week we had more longs. These are 1210 open positions in real accounts trading this pair at the moment.
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