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.
- 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.
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.
- 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..