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EUR/USD Oct. 2 – Little Change As US Shutdown Continues

EUR/USD  is trading quietly in Wednesday trading. The pair is slightly above the 1.35 level in the European session. The US government shut down is in its second day, as Republicans and Democrats squabble  over how to end the budget crisis.  In economic news, Spanish Unemployment Change hit a seven-month high. The ECB will announce  the new interest rate followed by a press conference  with Mario Draghi. Over in the US, the ISM Manufacturing PMI looked solid on Tuesday, beating the estimate. Wednesday’s key event is the ADP Non-Farm Employment Change. The markets are expecting very little change from the  September release.  We’ll also hear from Federal Reserve Chair Bernard Bernanke, who will speak in St. Louis.

Here is a quick update on the technical situation, indicators, and market sentiment that moves euro/dollar.

EUR/USD Technical

  • In the  Asian  session, EUR/USD dropped to a low of 1.3507 before edging upwards. The pair is steady in the European session.
  • Current range: 1.35 to 1.3570.

Further levels in both directions:   EUR USD Daily Forecast_Oct. 2nd

  • Below: 1.3500, 1.3460, 1.3415, 1.3325, 1.3240, 1.3175, 1.31, 1.3050 and 1.3000.
  • Above: 1.3570, 1.3650, 1.3710, 1.3800, 1.3870 and 1.3940.
  • The round number of 1.35 is support weak support.
  • 1.3570 is the next line of  resistance. 1.3650 is stronger.

EUR/USD Fundamentals

  • 7:00 Spanish Unemployment Change. Exp. 12.3K, Actual 25.6K.
  • Tentative – German 10-year Bond Auction.
  • 11:45 ECB Minimum Bid Rate. Exp. 0.50%.
  • 12:15 US ADP Non-Farm Employment Change. Exp. 177K.
  • 12:30 ECB Press Conference.
  • 14:30 US Crude Oil Inventories. Exp. 2.4M.
  • 16:00 US FOMC Member Eric Rosengren Speaks.
  • 19:30 US Federal Reserve Chairman  Bernard Bernanke  Speaks.

* All times are GMT.

For more events and lines, see the  Euro to dollar forecast.

EUR/USD Sentiment

A recent technical analysis:  EURUSD Could Move Above 1.3600  – Elliott Wave Forecast

Kenny Fisher

Kenny Fisher

Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer.