EUR/USD October 1 – Breaks Another Significant Line

EUR/USD broke above another important resistance line. Will the pair hold on to these amazing gains when the markets close? Here’s a quick update on , fundamentals, fundamentals, and community trends.

EUR/USD after Itish decision.

EUR/USD Technicals

• Asian session:  Quiet session ranging from 1.3630 to 1.3680.
• Current Range between 1.3530 to 1.37.
• Euro just broke above 1.37.
• Further levels in both direcstions: Below,  1.35, 1.3430, 1.3365, 1.3267, 1.3160, and 1.3110.  Above  1.37, 1.3850, 1.40 and 1.42.
• Wide uptrend channel: Uptrend resistance began on Sep. 8 and uptrend support on Sep. 13. Trading is characterized with many hours of consolidation, followed by  few hours of sharp rises.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

• 8:00 Final Manufacturing PMI. Exp. 53.6. Actual 53.7.
• 9:00 Unemployment Rate. Exp. 10%.
• 12:30 US Core PCE Price Index. Exp +0.1%.
• 12:30 US Personal Spending. Exp. +0.4%.
• 13:55 US Revised Consumer Sentiment. Exp. 67.1
• 14:00 US ISM Manufacturing PMI. Exp. 54.6.

EUR/USD Sentiment

• The  big question regarding Ireland remains about the “haircut” that debt holders will have to pay. News about the size of concessions can still rock the Euro.
• Debt issues never went away, but the market disregards them. Apart from the Irish issues, Spain got a credit rating downgrade from Moody’s.
• The inevitable second round of quantitative easing in the US still weighs on weakens the dollar.
• Holding on to 1.37 is important for the Euro.
• The rush to close positions on Friday always triggers lots of action.
• US Manufacturing PMI is the first sign for the Non-Farm Payrolls on Friday. High volatility is expected around this event.
• Currensee Community: 51% are long, 49% are short, slightly down from 52:48 yesterday. These are 1065 open positions in real accounts trading this pair at the moment.

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