EUR/USD Nov. 24 – Stabilizing After the Collapse

EUR/USD finds support at low grounds after the huge collapse yesterday to a two-month low. Today’s busy day will  provide  lots of action for the Euro. Here’s a quick update on technicals, fundamentals and community trends.

Euro/Dollar around 1.34

EUR/USD Technicals

• Asian session:  EUR/USD stabilized between 1.3360 to 1.3420.
• Current Range between 1.3360 to 1.3440.
• Further levels in both directions: Below 1.3360, 1.3334, 1.3267, 1.3114, 1.2920, 1.2722, 1.2587.  Above   1.3430, 1.3640, 1.37, 1.3830,  1.3950, 1.4030, 1.4030, 1.4160, and 1.4217.
• 1.3334 important line, after being a peak back in August.
• 1.3830 significant higher point – far away now.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

• 9:00 German Ifo Business Climate. Exp. 107.6 points.
• 10:00 European Industrial New Orders. Exp. -2.6%.
• 13:30 US  Unemployment Claims. Exp. 434K.
• 13:30 US  Durable Goods Orders. Exp. +0.2%. Core figure exp. +0.7%.
• 13:30 US  Personal Spending. Exp. +0.5%.
• 13:30 US  Core PCE Price Index. Exp. +0.1%.
• 13:30 US  Personal Spending. Exp. +0.4%.
• 14:00 Belgian  NBB Business Climate. Exp. -2.7 points.
• 14:55 US  Revised Consumer Sentiment. Exp. 69.5 points.
• 15:00 US  New Home Sales. Exp. 311K
• 18:00 ECB member Axel Weber talks.

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.
• Spanish bond auction showed signs of contagion – yields are significantly higher.
• It’s also important to note headlines from Portugal, which is already marked as the next domino.
• North Korea fired shells at the south yesterday. This also weighs on the Euro – risk aversion.
• Busy US calendar provides high volatility. A drop of jobless claims under 430K will be  significant.
• Currensee Community: 53% are long , 47% are short- yesterday we had more shorts. These are 1211 open positions in real accounts trading this pair at the moment.

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