EUR/USD Nov. 4 – Settling On High Ground After QE2
Forex News Today: Daily Trading News

EUR/USD Nov. 4 – Settling On High Ground After QE2

EUR/USD managed to settle on high ground after the QE2 was announced. Will it march on, or retreat? Here’s a quick update on technicals, fundamentals and community trends.

euro dollar november 4

EUR/USD holding settling at high ground.

EUR/USD Technicals

  • Asian session:  EUR/USD traded in a narrow range between 1.41 to 1.4150
  • Current Range between 1.4080 to 1.4150
  • Further levels in both directions: Below, 1.4080, 1.4030, 1.3950, 1.3830, 1.37, and 1.3637.  Above  1.4150, 1.4217, 1.4450 and 1.4580.
  • 1.4217 next big challenge after QE2.
  • 1.4030 conquered – serves as important support.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 12:30 US Unemployment Claims. Exp. 437K.
  • 12:30 US Prelim Nonfarm Productivity. Exp. +0.9%.
  • 12:30 US Prelim Unit Labor Costs. Exp. +0.8%.
  • 12:45 European rate decision. Exp. unchanged at 1%.
  • 13:30 ECB president Jean-Claude Trichet speaks after rate decision.

EUR/USD Sentiment

  • QE2 in the US was announced and hurt the dollar across the board. The echoes will continue to be heard today, and for many days. Profit taking could occur.
  • Irish debt issues are becoming a problem once again. This could erupt as a full-blown crisis.
  • Unemployment claims serve as the last hint towards tomorrow’s Non-Farm Payrolls. All the signs have been positive so far.
  • Currensee Community: 53% are short, 47% are long. These are 1087 open positions in real accounts trading this pair at the moment. Is the community seeing the dollar escape the bearish trend with QE2?

Want to see what other traders are doing in real accounts? Check out Currensee. It’s free..

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.