EUR/USD Nov. 30 – Stabilizing on Low Ground

EUR/USD is stabilizing after another big fall and is expecting many economic indicators today. Will it recover, or is it just a pause before another collapse? Here’s a quick update on technicals, fundamentals and community trends.

Euro/Dollar struggling at 1.3114.

EUR/USD Technicals

• Asian session:  This session was quiet, seeing the pair use 1.3114 as a pivotal line..
• Current Range between 1.30 to 1.3114.
• Further levels in both directions: Below   1.3114, 1.2920, 1.2722, 1.2587.  Above   1.32, 1.3267, 1.3334, 1.3430, 1.3640, 1.37, 1.3830,  1.3950 and 1.4030.
• 1.2720 is the next, very strong support line.
• 1.3830 significant higher point – far away now.

EUR/USD Fundamentals –

• 8:55 German Unemployment Change. Exp. -19K.
• 10:00 European Unemployment Rate. Exp. 10.1%.
• 10:00 CPI Flash Estimate. Exp. 1.9%.
• 14:00 US S&P/CS Composite-20 HPI. Exp. +1.2%.
• 14:55 US Chicago PMI. Exp. 60.1 points.
• 15:00 US CB Consumer Confidence. Exp. 52.7 points.
• 15:30 ECB president  Jean-Claude Trichet talks.
• 20:00 US Federal Reserve chairman Ben Bernanke talks.

* All times are GMT.

EUR/USD Sentiment

• Spanish 10 year yields jumped to record highs – 5.35%. Also Italian notes are around 4% after a bad auction. Contagion is spreading.
• Irish deal is better than expected, with an interest rate of 5.8%, but it doesn’t prevent contagion to Spain and Portugal.
• Also Italian yields are on the rise.
• Elections in Catalonia resulted in a victory for the opposition CiU party, a warning sign for Spain’s PM Zapatero.
• Currensee Community: 52% are long , 48% are short- yesterday we had more shorts. These are 1155 open positions in real accounts trading this pair at the moment. The community leans towards a recovery of the Euro.

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