EUR/USD starts the week with consolidation after a strong moves last week. Will it get ready for the next push on this light day? Here is a quick update on technicals, fundamentals, and community trends.
EUR/USD consolidating withing uptrend channel.
EUR/USD Technicals
- Asian session: EUR/USD consolidating in a narrow range – 1.3450 to 1.3480.
- Current Range is between 1.3430 to 1.3500.
- Further levels: Below, 1.3365, 1.3267, 1.3160, 1.3110, 1.3040 and 1.2920. Above 1.3530 (very close), 1.37, 1.3850, 1.40 and 1.42.
- Wide uptrend channel: Uptrend resistance began on Sep. 8 and uptrend support on Sep. 13. Trading is characterized with many hours of consolidation, followed by a few hours of sharp rises.
EUR/USD Fundamentals
All times are GMT. Most important events emphasized.
- 8:00 M3 Money Supply. Exp. +0.4%. Actual +1.1%. Euro positive.
- 13:00 ECB President Jean-Claude Trichet testifies in the European parliament.
EUR/USD Sentiment
- Debt issues never went away, but the market currently disregards Irish and Portuguese high spreads.
- 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 1.3430 line was broken – bullish sign.
- Currensee Community: 52% are long, 48% are short. These are 1049 open positions in real accounts trading this pair at the moment.
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