EUR/USD Nov. 5 – Dipping Before Non-Farm Payrolls
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EUR/USD Nov. 5 – Dipping Before Non-Farm Payrolls

EUR/USD continued advancing, many hours after QE2 was announced, but is retreating towards the NFP. Will it close the week on higher ground, or will the Non-Farm Payrolls supply relief and keep the pair under resistance? Here’s a quick update on technicals, fundamentals and community trends.

euro dollar november 5

EUR/USD marching forward. * Post updated 11:30 GMT.

EUR/USD Technicals

  • Asian session:  EUR/USD traded in a narrow range between 1.4180 to 1.4230.
  • Current Range between 1.4180 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, 1.4280, 1.4450 and 1.4580.
  • 1.4217 pivotal point in the aftermath of QE2.
  • 1.4030 provides strong strong support.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 11:00 German Factory Orders. Exp. +0.5%. Actual -4% – bad for the Euro.
  • 12:30. US Non Farm Payrolls. +50K expected. Unemployment rate to remain at 9.6%.
  • 13:30 US FOMC member Thomas Hoeing talks. He voted against QE2.
  • 14:00 US Pending Home Sales. Exp. +3.2%.
  • 17:20 US FOMC member James Bullard talks.
  • 18:00 US FOMC chairman Ben Bernanke talks.

EUR/USD Sentiment

  • QE2 in the US was announced and hurt the dollar across the board. The echoes will continue to be heard also 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.
  • Non-Farm Payrolls big event for today. A positive number could supply relief for the dollar. Note that high volatility is expected around the event.
  • Currensee Community: 55% are short, 45% are long. These are 1106 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.