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.
EUR/USD Technicals
- Asian session: Â 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.
EUR/USD Fundamentals
All times are GMT. Most important events emphasized.
- 8:30: Sentix Investor Confidence. Exp. +8.7 points.
EUR/USD Sentiment
- Market is drifting between “risk on†and “risk off†with a tendency to “risk offâ€. 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.
- 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..
