EUR/USD collapsed on low volume, and will pick a new direction now that the holiday is over. Here is a quick update on technicals, fundamentals and community trends. EUR/USD within uptrend channels. Click to enlarge. EUR/USD Technicals Asian session: Eventful session, with Euro/Dollar dropping sharply from 1.2880 to 1.2780, breaking both uptrend support lines. The reason – European banks hid the real valuation of sovereign debt in the stress tests. Their problems are apparently much bigger. Current Range is between 1.2770 to 1.2840. Further levels: Below, 1.2722, 1.2610, 1.2460 and 1.2330. Above 1.2930, 1.30, 1.3110 and 1.3267. Uptrend channel broken: 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 just below the uptrend supprt. Secondary channel broken: The uptrend resistance is the same as in the main channel, but the uptrend support is closer – began only in September. It was broken during the Asian session. EUR/USD Fundamentals All times are GMT. Most important events emphasized. 10:00: German Factory Orders. Exp. +0.6% points. EUR/USD Sentiment 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 return from the Labor Day weekend. Action already seen in the Asian session. No big events today, but there will be readjustments after the big drop. Currensee Community: 56% are Short, 44% are long. These are 1006 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.. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Opinions share Read Next Comeback of European Debt Problems? Yohay Elam 12 years EUR/USD collapsed on low volume, and will pick a new direction now that the holiday is over. Here is a quick update on technicals, fundamentals and community trends. EUR/USD within uptrend channels. Click to enlarge. EUR/USD Technicals Asian session: Eventful session, with Euro/Dollar dropping sharply from 1.2880 to 1.2780, breaking both uptrend support lines. The reason - European banks hid the real valuation of sovereign debt in the stress tests. Their problems are apparently much bigger. Current Range is between 1.2770 to 1.2840. Further levels: Below, 1.2722, 1.2610, 1.2460 and 1.2330. Above 1.2930, 1.30, 1.3110 and 1.3267. Uptrend channel… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.