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 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.

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