EUR/USD lost more support and is now hovering just above levels last seen 4 months ago. With Non-Farm Payrolls (and other releases), we’re up for a grand finale for the week. Here’s a quick update on technicals, fundamentals and community trends. EUR/USD Technicals
- Asian session: Â Narrow range between 1.2970 to 1.3025.
- Current Range between 1.2970 and 1.3080
- Further levels in both directions: Below   1.2970, 1.2920, 1.2722, 1.2587. Above  1.3080, 1.3180, 1.3267, 1.3334, 1.3440, 1.3576,  1.37, 1.3786, 1.3950 and 1.4030.
- 1.3440 is important resistance above.
- 1.2970 is was the lowest level in 4 months, and it’s a critical support line. Next significant support is only at 1.2722.
Euro/Dollar trending down- click to enlarge graph
EUR/USD Fundamentals –
- 7:00 German Retail Sales. Exp. +0.6%. Actual -2.4%. Another burden on the Euro.
- 7:00 German Trade Balance. Exp. +14.5 billion, actual 11.8 billion.
- 9:00 ECB President Jean-Claude Trichet talks.
- 10:00 European Unemployment Rate. Exp. 10.1%.
- 10:00 European Final GDP (Q3). Exp. +0.4%.
- 11:00 German Industrial Production. Exp. -0.1%.
- 13:30 US Non-Farm Payrolls. Exp. 160-200K. Expectations became very high.
- 13:30 US Unemployment Rate. Exp. 9.7%.
- 14:30 Federal Reserve chairman Ben Bernanke talks.
* All times are GMT.
For more events later in the week, see the EUR/USD forecast.
EUR/USD Sentiment
- There are very high hopes for the Non-Farm Payrolls, the king of forex. These expectations grew after this week’s great American figures. Are the expectations too high now? Here’s the Non-Farm Payrolls preview.
- US figures were great so far, both ADP and Services PMI exceeded expectations and pushed the dollar higher.
- Inflation is becoming problematic for Europe. This comes as employment is still high. Double trouble for Europe.
- A consultation paper about defaulting of banks stirs the markets. Greece is denying talks about default, but the European Commission is pushing through with it. Irish Banks also endangered.
- Greece is denying the chances of a default – too much smoke without fire.
Currensee Community: 47% are long , 53% are short, more than yesterday. These are 1312 open positions in real accounts trading this pair at the moment.
