EUR/USD Oct. 29 – Very Nervous Trading

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EUR/USD fell again towards the support line, on a very busy day, that will just get busier. How will it close the week?  Here’s a quick update on technicals, fundamentals and community trends.

euro dollar october 29

EUR/USD around 1.3830.

EUR/USD Technicals

  • Asian session:  EUR/USD held couldn’t climb above 1.3950.
  • Current Range between 1.37 to 1.3830
  • Further levels in both direcstions: Below, 1.37, 1.3637, 1.3530, 1.3430 and 1.3333. Above  1.3830, 1.3950, 1.4030, 1.4217, 1.4450 and 1.4580.
  • 1.4030 proved to be a strong line in the past, but EUR/USD couldn’t hold on to it.
  • 1.3830 lost – bearish sign – 1.37 next level.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 6:00 German Retail Sales. Exp. +0.5%. Actual 2.3%. Disappointment.
  • 9:00 CPI Flash Estimate. Exp. 1.7%. Actual 1.9%. Inflation is climbing in Europe.
  • 9:00 Unemployment rate. Exp. 10.1%. Actual 10.1%.
  • 12:30 US Advance GDP. Exp. 2.1%.
  • 13:45 Chicago PMI. Exp. 58.1 points.
  • 13:55 Revised consumer sentiment. 68.2 points.

EUR/USD Sentiment

  • Debt issues never went away, but the market disregards them. Maybe they will get more attention, especially with budgets in Ireland and Portugal.
  • The inevitable second round of quantitative easing in the US is a done deal, but will probably be of a lesser scale than thought earlier. – comments regarding the size will have a strong impact on EUR/USD.
  • Currensee Community: 54% are long, 46% are short. Down from 57:43 yesterday. These are 1101  open positions in real accounts trading this pair at the moment.

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About Author

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 the 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.