EUR/USD Nov. 23 – Falls to Low Support on Crisis
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EUR/USD Nov. 23 – Falls to Low Support on Crisis

EUR/USD lost a lot of ground and fell to lower support as the Irish crisis is still on, and on the tension between North and South Korea. Will it reach fresh lows, or will it stabilize on this busy day? Here’s a quick update on technicals, fundamentals and community trends.

eur usd forecast November 23

Euro/Dollar bounced off 1.3530

EUR/USD Technicals

  • Asian session:  EUR/USD gradually dropped from 1.3640 downwards.
  • 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.
  • 1.3440 significant lower point – this was the lowest in two months. 1.3530 has to be taken first.
  • 1.3830 significant higher point.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 7:00 German Final GDP. Exp. +0.7%. Actual +0.7%.
  • 8:00 French Flash Manufacturing PMI. Exp. 55.2.
  • 8:00 French Flash Services PMI. Exp. 55.
  • 8:30 German Flash Manufacturing PMI. Exp. 57.
  • 8:30 German Flash Services PMI. Exp. 55.9.
  • 9:00 Flash Manufacturing PMI. Exp. 54.4.
  • 9:00 Flash Services PMI. Exp. 53.2
  • 13:30 US GDP. Exp. +2.3%.
  • 15:00 US Existing Home Sales. Exp. 4.5 million.
  • 19:00 US FOMC Meeting Minutes

EUR/USD Sentiment

  • The Irish government seems to have lost support to pass the plan – putting a big doubt over the feasibility of the bailout plan.
  • It’s also important to note headlines from Portugal, which is already marked as the next domino.
  • North Korea fired shells at the south. This also weighs on the Euro – risk aversion.
  • 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.
  • An upwards revision of US GDP will boost the US dollar.
  • Currensee Community: 52% are long , 48% are short- yesterday we had more shorts. These are 1257 open positions in real accounts trading this pair at the moment.

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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.