EUR/USD Sep. 14- Settling in Higher Range

EUR/USD continued upwards and settled in a higher range. Economic indicators start pouring in day, and promise an exciting day. Will the Euro continue north or drop? Here is a quick update on technicals, fundamentals and community trends.

EUR/USD settling in higher range. Click to enlarge.

EUR/USD Technicals

• Asian session:  Quite trading seeing EUR/USD trade between 1.2840 and 1.2890
• Current Range is between 1.2840 and 1.2930
• Further levels: Below,  1.2840, 1.2770, 1.2610, 1.2460, 1.2330 and 1.2150.  Above   1.2930, 1.30, 1.3110, 1.3267 and 1.3430.
• Downtrend channel broken and left behind: EUR/USD traded towards the end of last week in a temporary downtrend channel. This was broken and left behind.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

• 5:30  French CPI. Exp. +0.4. Actual +0.2%. Small disappointment.
• 6:00 German WPI. Exp. +0.3%. Actual 1.6%. Significantly better.
• 9:00 German ZEW Economic Sentiment. Exp. +10.7.
• 9:00 European ZEW Economic Sentiment. Exp. 14.9.
• 9:00 Industrial Production. Exp. +0.2%.
• 12:30 US Core Retail Sales. Exp. +0.3%
• 12:30 US Retail Sales. Exp. +0.4%.
• 13:00 US Business Inventories. Exp. +0.5%.
• 15:00 ECB member Axel Weber speaks.

EUR/USD Sentiment

• After lengthy talks, an agreement was reached in Basel regarding the banking system – this international agreement is expected to make banks more stable. The implementation will be very gradual and it pushed the Euro upwards at the beginning of the week.
• The reason for the big collapse last week – European debt issues, with a strong focus on Irish banks, made a “comeback”. These issues might return this week as well.
• 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.
• 1.2660 is a stronghold on the downside, 1.2930 on the upside – it’s getting close.
• Currensee Community: 56% are Short, 44% are long, up from 57:43 yesterday. These are 990 open positions in real accounts trading this pair at the moment.

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