EUR/USD Sep. 17- Rising Rapidly in Steep Channel
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EUR/USD Sep. 17- Rising Rapidly in Steep Channel

EUR/USD continues pushing forward in a steep uptrend channel. The crowded US calendar promises an exciting close to the week. Here is a quick update on technicals, fundamentals, and community trends.

eur usd forecast September 17

EUR/USD trading higher in steep uptrend channel.

EUR/USD Technicals

  • Asian session:  EUR/USD made the breakout above 1.3110 during the Asian session..
  • Current Range is between 1.3110 and 1.3267.
  • Further levels: Below,  1.3050, 1.2960, 1.2920, 1.2840, 1.2770, and 1.2610.  Above   1.3267, 1.3430, 1.3530 and 1.37.
  • Steep uptrend channel: Uptrend resistance began on Sep. 9 and uptrend support on Sep. 13. Trading is characterized with many hours of consolidation, followed by a few hours of sharp rises.
  • EUR/USD is close to retracing the falls from the August 6 peak of 1.3334.

EUR/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 6:00 German PPI. Exp. +0.3%. Actual 0%. Slight disappointment.
  • 7:30 ECB member Axel Weber spoke and assured no sovereign defaults. Positive.
  • 12:30 US CPI. Exp. +0.2%.
  • 12:30 US Core CPI. Exp. +0.1%.
  • 13:55 US Consumer Sentiment. Exp. 70.2 points.
  • 13:30 US FOMC member Daniel Tarullo talks.

EUR/USD Sentiment

  • Basel II banking accord still positively impacts the Euro. On the other hand, the debt issues never went away, and they are weighing on the common currency.
  • Dollar weakness is the name of the game in the markets. The Euro is enjoying it but might suffer from adjustments just before the week ends.
  • The important 1.3110 line was broken – bullish sign.
  • Currensee Community: 55% are Short, 45% are long, down from 56:44  yesterday. These are 1032 open 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.