EUR/USD broke to higher ground, rising above 1.3050. The busy US calendar promises that the action will continue. Here is a quick update on technicals, fundamentals, and community trends.
EUR/USD breaking above 1.3050. Click to enlarge.
EUR/USD Technicals
- Asian session: Â EUR/USD consolidated through most of the session.
- Current Range is between 1.3050 to 1.3110
- Further levels: Below,  1.2840, 1.2770, 1.2610, 1.2460, 1.2330 and 1.2150. Above  1.3110, 1.3267 and 1.3430.
- EUR/USD now trades between the 50% and 61.8% Fibonacci retracement of the drop from 1.3334 to 1.2591.
EUR/USD Fundamentals
All times are GMT. Most important events emphasized.
- 12:30 US Unemployment Claims: Exp. 463K.
- 12:30 US PPI. Exp. +0.3%.
- 12:30 US Core PPI. Exp. +0.1%.
- 12:30 US Current Account. Exp. -124 billion.
- 13:00 US TIC Long-Term Purchases. Exp. +37.9 billion.
- 14:00 US Philly Fed Manufacturing Index. Exp. +0.9.
- 14:00 US Treasury Secretary Timothy Geithner testifies about currencies. High volatilty expected. Testimony resumes again at 18:00.
EUR/USD Sentiment
- Basel II banking accord still positively impacts the Euro. On the other hand, the debt issues never went away, and they are weighing on the common currency.
- Market is drifting between “risk on†and “risk off†with a tendency to “risk onâ€. With “risk offâ€, 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.
- 1.2660 is a stronghold on the downside, 1.3110 on the upside – getting close now.
- Currensee Community: 56% are Short, 44% are long, up from 53:47 yesterday. Euro losing charm again? These are 1026 open positions in real accounts trading this pair at the moment.
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