EUR/USD is losing more ground as talks about an upcoming rescue plan for Portugal are starting to run around. Bad headlines on thin volume mean strong action. Here’s a quick update on technicals, fundamentals and community trends.
Euro/Dollar around 1.33
EUR/USD Technicals
- Asian session: Â EUR/USD stabilized around 1.33 and then fell.
- Current Range between 1.3114 to 1.3267.
- Further levels in both directions: Below  1.3114, 1.2920, 1.2722, 1.2587. Above  1.3267, 1.3334, 1.3430, 1.3640, 1.37, 1.3830, 1.3950 and 1.4030.
- 1.3114 next significant support line.
- 1.3830 significant higher point – far away now.
EUR/USD Fundamentals
- 7:45 French Consumer Spending. Exp. +0.2%. Actual -0.2%.
- 9:00 M3 Money Supply. Exp. +1.3%.
- German CPI. Exp. 0%.
EUR/USD Sentiment
- An article in the German Financial Times suggests that European officials are pushing Portugal to take aid.
- The Irish government seems to have lost support to pass the plan – putting a big doubt over the feasibility of the bailout plan.
- Spanish bond auction showed signs of contagion – yields are significantly higher.
- Low trading volume expected due to US holiday, yet important news from Europe can find the market unprepared, meaning that technical levels could be temporarily broken. It’s risky trading now.
- Currensee Community: 53% are long , 47% are short- yesterday we had more shorts. These are 1179 open positions in real accounts trading this pair at the moment.
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