{"id":10290,"date":"2010-06-16T11:21:20","date_gmt":"2010-06-16T15:21:20","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10290"},"modified":"2010-06-16T11:21:20","modified_gmt":"2010-06-16T15:21:20","slug":"eurusd-battles-1-23-amid-rumblings-from-spain","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/16\/eurusd-battles-1-23-amid-rumblings-from-spain\/","title":{"rendered":"EUR\/USD Battles 1.23 Amid Rumblings From Spain"},"content":{"rendered":"

By Fast Brokers <\/strong>– The EUR\/USD popped back above 1.23 yesterday as U.S. equities soared and investors made a return to risk across the board.\u00a0 News spread that Jim Rogers bought up the Euro on Friday and Monday, signaling that big money is making its way back into European markets on the premise of oversold conditions.\u00a0 However, in an interview with CNBC Rogers also hinted that he is not sure if this is just a technical bounce or a fundamental shift, meaning the big money could shift elsewhere should conditions deteriorate again.\u00a0 In all, investors have been encouraged by the consistent rally from June lows and have shrugged off bad news this week.\u00a0 EU economic sentiment plunged last week and this could be the beginning of the downturn in economic fundamentals stemming from the fiscal woes in the union.\u00a0 However, the EUR\/USD barely blinked an eye, suggesting a lot of damage has already been priced into the currency pair.\u00a0 Spain is under watch again today as Spanish and Portugal bond yields widen from the German Bund.\u00a0 Additionally, rumors spread that the IMF and U.S. are working on a $350 billion line of credit for Spain.\u00a0 The Spanish government has vehemently denied the report, though the development should certainly be taken note of.\u00a0 Meanwhile, EU CPI printed in line with analyst estimates and remains comfortably below the closely watched 3% level.\u00a0 Therefore, the ECB has more wiggle room to keep liquidity loose to bolster struggling union members.\u00a0 The EU will be quiet on the data wire tomorrow so all eyes will be on key U.S. releases, including CPI, the Philly Index, and weekly unemployment claims.\u00a0 Investors should also keep a sharp eye on the EU news wires since this is the second time we have heard rumors about Spain needing liquidity and it\u2019s possibly rumors could turn to fact.<\/p>\n

Technically speaking, the EUR\/USD still faces downtrend lines, though the near-term barriers are withering.\u00a0 The EUR\/USD does face topside obstacles in the form of intraday and 5\/28 highs.\u00a0 Additionally, the psychological 1.25 level could serve as a solid barrier should it be tested.\u00a0 As for the downside, the EUR\/USD has growing near-term uptrend lines serving as technical cushions along with intraday and 6\/15 lows.<\/p>\n

Present Price: 1.2294
\nResistances: 1.2294, 1.2311, 1.2326, 1.2353, 1.2382, 1.2415
\nSupports:\u00a0\u00a0 1.2267, 1.2243, 1.2216, 1.2201, 1.2172, 1.2161
\nPsychological: June lows and highs, 1.23, 1.25, 1.20<\/p>\n

\"\"<\/a><\/p>\n

(click chart to enlarge)<\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers.<\/a><\/strong><\/p>\n

Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regarded neither as an investment advice nor as a solicitation or an offer to sell\/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n

Risk Disclosure:<\/strong> There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Fast Brokers – The EUR\/USD popped back above 1.23 yesterday as U.S. equities soared and investors made a return to risk across the board.\u00a0 News spread that Jim Rogers bought up the Euro on Friday and Monday, signaling that big money is making its way back into European markets on the premise of oversold … <\/p>\n

Continue reading “EUR\/USD Battles 1.23 Amid Rumblings From Spain”<\/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-10290","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10290","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=10290"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10290\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}