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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