Search ForexCrunch

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 Forecast September 27

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.

Want to see what other traders are doing in real accounts? Check out Currensee. It’s free..