EUR/USD is trading highe in a secondary channel, but moving very slowly as North American traders are on holiday. Here is a quick update on technicals, fundamentals and community trends.
EUR/USD within uptrend channels. Click to enlarge.
- Asian session: Very quiet session, with Euro/Dollar edging higher above 1.290.
- Current Range is between 1.2870 to 1.2930
- Further levels: Below, 1.2840, 1.2722, 1.2610, 1.2460 and 1.2330. Above 1.2930, 1.30, 1.3110 and 1.3267/
- Uptrend channel dominates: EUR/USD trades in an uptrend channel. Uptrend support began from the lows it reached on August 24th through a low on August 25th. Uptrend resistance began on a swing high on August 24th and was formed on August 26th. After losing it, EUR/USD returned to this range, and even tested the top limit with a swing move to 1.2855 – exactly at uptrend resistance. Currently the pair is in the middle of channel.
- Secondary channel forming: The uptrend resistance is the same as in the main channel, but the uptrend support is closer – began only in September.
All times are GMT. Most important events emphasized.
- 8:30: Sentix Investor Confidence. Exp. +8.7 points.
- Market is drifting between “risk on” and “risk off” with a tendency to “risk off”. With “risk off”, good US figures boost the dollar and bad ones hurt it. When risk is on, bad US figures boost the dollar. In recent days, we’ve seen more normal behavior.
- The 1.2610 line is critical on the downside, 1.3110 on the upside.
- US and Canada enjoy a long weekend – Labor Day. This makes trading much more quiet today. It may provide opportunities for range trading.
- Currensee Community: 57% are Short, 43% are long. These are 980 open positions in real accounts trading this pair at the moment.
Note – This is a new and still experimental section on Forex Crunch. It’s still in development. Want to see what other traders are doing in real accounts? Check out Currensee. It’s free..