{"id":10160,"date":"2010-06-11T08:42:17","date_gmt":"2010-06-11T12:42:17","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10160"},"modified":"2010-06-11T08:42:17","modified_gmt":"2010-06-11T12:42:17","slug":"euro-and-pound-rally-stalls-at-resistance-levels","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/11\/euro-and-pound-rally-stalls-at-resistance-levels\/","title":{"rendered":"Euro and Pound Rally Stalls at Resistance Levels"},"content":{"rendered":"<p><strong>By <\/strong><strong><strong><a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex         Yard<\/a> <\/strong>&#8211; <\/strong>The majors were mixed in this morning&#8217;s trading following positive  economic data from China. However, the weeklong jump in the markets from  greater risk taking appears to be losing steam as the EUR\/USD and the  GBP\/USD failed to break significant resistance levels.<\/p>\n<p>Chinese retail sales numbers jumped 18.7% on expectations of 18.6%  increase in the previous year. This provided a spark for traders to add  to their riskier positions. But inflationary data showed the Chinese  economy may be overheating as year over year CPI rose to 3.1% on  expectations of a rise of only 3.0%. The previous year had inflation  climbing 2.8%. Traders are concerned that the Chinese government may  take further steps to cool their economy, including a potential  revaluation of the yuan.<\/p>\n<p>The EUR\/USD was higher at 1.2120 after an opening day price of  1.2100. The pair reached as high as 1.2139 but failed to make a  significant breach of this resistance level. The cable was trading lower  at 1.4650 from an opening price of 1.4709. The direction of the pair  reversed following a failed breach of the 1.4750 resistance level.<\/p>\n<p>This afternoon, traders will be anticipating key economic data from  the U.S. Monthly core retail sales is due out at 12:30 GMT with  economists&#8217; forecasts for an increase of 0.1%. Positive numbers from the  U.S. could help to increase traders risk appetite, thereby increasing  the value of the euro. A break of the resistance line for the EUR\/USD  could propel the pair to its next resistance line at 1.2300. The same  would apply to the GBP\/USD with the next resistance at 1.4810.<\/p>\n<p><strong><em>Forex Market Analysis<\/em> provided by\u00a0<a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex        Yard.<\/a><\/strong><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and        may not be suitable for all investors. There is a possibility  that     you   could sustain a loss of all of your investment and  therefore  you     should  not invest money that you cannot afford to  lose. You  should  be    aware of  all the risks associated with Foreign  Exchange  trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Forex Yard &#8211; The majors were mixed in this morning&#8217;s trading following positive economic data from China. However, the weeklong jump in the markets from greater risk taking appears to be losing steam as the EUR\/USD and the GBP\/USD failed to break significant resistance levels. Chinese retail sales numbers jumped 18.7% on expectations of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/06\/11\/euro-and-pound-rally-stalls-at-resistance-levels\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Euro and Pound Rally Stalls at Resistance Levels&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-10160","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10160","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=10160"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10160\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}