{"id":1255,"date":"2009-04-06T18:21:03","date_gmt":"2009-04-06T23:21:03","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1255"},"modified":"2009-04-06T18:21:03","modified_gmt":"2009-04-06T23:21:03","slug":"eurusd-daily-commentary-for-4609","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/06\/eurusd-daily-commentary-for-4609\/","title":{"rendered":"EUR\/USD Daily Commentary for 4.6.09"},"content":{"rendered":"

By Fast Brokers<\/a> <\/span><\/p>\n

The EUR\/USD popped from the inflection point of our 1st tier downtrend line and 2nd tier uptrend line on Friday as U.S. equities continued their upward momentum.\u00a0 Indicators all around are pointing towards an economic recovery, the EUR\/USD included.\u00a0 The currency pair is following its positive correlation with the S&P futures, representing an investor return to risk.<\/p>\n

However, the EUR\/USD still has several fundamental obstacles to the upside as compared to the GBP\/USD.\u00a0 The relative strength of the Pound is also reflected in the downward pressure present in the EUR\/GBP.\u00a0 First, the EUR\/USD must brave through the thick of the March trading zone and 2009 highs, not to mention several foreseeable downtrend lines.\u00a0 Investors are still confused as to the future monetary policy plans of the ECB since Claude Trichet ambiguously left the door open for future cuts after the meeting last week.\u00a0 Additionally, if the Eastern European economies weaken further, exposing EU banks to more losses, the ECB may have no choice to implement quantitative easing.<\/p>\n

The less than expected 25 basis point cut last week didn\u2019t exactly have its desired impact, and investors are reading into the move as an effort to create a sense of confidence.\u00a0\u00a0 That being said, the EUR\/USD still broke through all of our resistances and the psychological 1.35 barrier.\u00a0 We are simply giving an explanation for the currency pair\u2019s subpar performance as compared to the GBP\/USD.\u00a0 The EUR\/USD has made some impressive strides, and if it can brave above 2009 highs then we can see a large near-term movement to the upside.<\/p>\n

The momentum remains to the upside, yet we could see a little consolidation in the near-term.\u00a0 We placed two new downtrend lines on our chart to give you a better idea of upcoming battle areas.\u00a0 Fundamentally, we find supports of 1.3523, 1.35, 1.3476, 1.3442 and 1.3413.\u00a0 To the topside, we see resistances of 1.3568, 1.3591, 1.3633, 1.3665 and 1.37.\u00a0 The 1.35 area becomes a psychological cushion with 1.40 serving as a key psychological barrier.\u00a0 The EUR\/USD is currently exchanging at 1.3526. \"\"<\/p>\n

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

Disclaimer:<\/strong> FastBrokers’ market commentary is provided for information purposes only and under no circumstances should be regardedneither 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 from the inflection point of our 1st tier downtrend line and 2nd tier uptrend line on Friday as U.S. equities continued their upward momentum…<\/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-1255","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1255","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=1255"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1255\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}