EUR/USD got into narrow range trading, clinging to the uptrend support but breaking higher. Will the pair pick a direction? Here’s a quick update on technicals, fundamentals and community trends.
EUR/USD within new uptrend channel, that began last week. Click to enlarge.
- Asian session: EUR/USD bounced from the 1.2665 support line to the 1.2722 resistance line.
- Current Range is between 1.2665 to 1.2722.
- Further levels: Below, 1.2610, 1.2460, 1.2330 and 1.2150. Above 1.2722, 1.2840, 1.2930, 1.30 and 1.3110.
- Uptrend channel lost again: EUR/USD trades in an uptrend channel. Uptrend support began from the lows it reached on August 24th through a low on August 25th. Uptrend resistance began on a swing high on August 24th and was formed on August 26th. This is a notable line. EUR/USD lost it.
All times are GMT. Most important events emphasized.
- 6:00: German Retail Sales. Exp. +0.6%, Actual -0.3%. Disappointment.
- 8:00: Final Manufacturing PMI. Exp. 55 points.
- 11:30: US Challenger Job Cuts.
- 12:15: ADP Non-Farm Employment Change. Exp. +20K.
- 14:00: US ISM Manufacturing PMI. Exp. 53.2.
- 14:00: US Construction Spending. Exp. -0.4%.
- 14:45: US FOMC member Elizabeth Duke talks.
- Market is in risk aversive mood. This means that bad US indicators are dollar positive, although devastating figures that we’ve seen in recent days just shocked the markets.
- The 1.2610 line is critical on the downside.
- This is a busy week, with the Non-Farm Payrolls at the end of it. There are two important hints for the NFP today – ADP NFP, which supplies a hint about private sector jobs and the manufacturing PMI, which is an indicator of economic activity in August.
- Currensee Community: 55% are Short, 45% are long, with shortists having the upper hand. These are 949 open positions in real accounts trading this pair at the moment.
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