EUR/USD got out of the perfect range and dipped lower, retreating quickly. Today is a rather light day in terms of events. Will it lose the critical support line? Here is a quick update on technicals, fundamentals and community trends. EUR/USD supported twice (red line) at 1.2660, twice resisted at 1.2770 and dipped lower. Click to enlarge. EUR/USD Technicals Asian session: A dip lower to 1.2640 and a retreat back to the range. Current Range is between 1.2660 to 1.2770. Further levels: Below, 1.2610, 1.2460, 1.2330 and 1.2150. Above 1.2770, 1.2840, 1.2930, 1.30, and 1.3110. Uptrend channels broken and left behind: EUR/USD traded in a principal uptrend channel and also a secondary one. Both were broken earlier this week, and are becoming irrelevant. Double bottom at 1.2660: This line also provided support last week. The double bottom seen in the past few days makes it a strong support line now. EUR/USD Fundamentals All times are GMT. Most important events emphasized. 6:45: French Industrial Production. Exp. 0.8%. 14:00: US Wholesale Inventories. Exp. +0.4%. EUR/USD Sentiment The reason for the big collapse earlier this week – European debt issues, with a strong focus on Irish banks, made a “comeback”. Market is drifting between “risk on” and “risk off” with a tendency to “risk on”. With “risk off”, good US figures boost the dollar and bad ones hurt it. When risk is on, bad US figures boost the dollar. In recent days, we’ve seen more normal behavior. With the double bottom at 1.2660, it now became the stronghold on the downside. Friday always brings action, as traders rush to close positions before the weekend. Currensee Community: 55% are Short, 45% are long, up from 57:43 yesterday. These are 1003open positions in real accounts trading this pair at the moment. 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next USD/CAD Drops on Great Job Data – Parity in Sight Yohay Elam 12 years EUR/USD got out of the perfect range and dipped lower, retreating quickly. Today is a rather light day in terms of events. Will it lose the critical support line? Here is a quick update on technicals, fundamentals and community trends. EUR/USD supported twice (red line) at 1.2660, twice resisted at 1.2770 and dipped lower. Click to enlarge. EUR/USD Technicals Asian session: A dip lower to 1.2640 and a retreat back to the range. Current Range is between 1.2660 to 1.2770. Further levels: Below, 1.2610, 1.2460, 1.2330 and 1.2150. Above 1.2770, 1.2840, 1.2930, 1.30, and 1.3110. Uptrend channels broken and… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.