{"id":1275,"date":"2009-04-07T11:26:01","date_gmt":"2009-04-07T16:26:01","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1275"},"modified":"2009-04-07T11:26:01","modified_gmt":"2009-04-07T16:26:01","slug":"eurusd-daily-commentary-for-4709","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/07\/eurusd-daily-commentary-for-4709\/","title":{"rendered":"EUR\/USD Daily Commentary for 4.7.09"},"content":{"rendered":"

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

The EUR\/USD topped out at our 3rd tier uptrend line yesterday and is contracting quickly as U.S. equities look to open sharply lower for the second straight session.\u00a0 Lacking economically fundamental reasons for dropping, the EUR\/USD is reacting to psychological blows dealt by George Soros and the IMF.\u00a0 Yesterday Soros reiterated his skepticism regarding the solvency of U.S. banks, and the IMF is rumored to announce it predicts that U.S. financials are exposed to over $3 trillion worth of toxic assets.\u00a0 Additionally, the EUR\/USD was already in a comparatively weak position against the Dollar as compared to most other major pairs due to the uncertainty regarding future ECB monetary policy.\u00a0 The ECB is maintaining a loose policy stance by leaving the door open to possible currency intervention and quantitative easing if the economic environment should darken.\u00a0 These factors combined are leaving the early April rally with a question mark as opposed to an exclamation point.\u00a0 The EUR\/USD failed to breach March highs and the currency pair has tumbled back below the psychological 1.35 mark.\u00a0 The EUR\/USD fell beneath our 1st tier downtrend line in the process.\u00a0 On the bright side, the 1st tier uptrend line is alive, and April lows are intact.\u00a0 However, the EUR\/USD is suddenly throwing the whole idea of a lasting uptrend into doubt.\u00a0 Therefore, the possibility remains that the economic storm returns and investors run to the Dollar for safety.\u00a0 As a result, the uptrend and downtrends are squaring off once again with all eyes on the financial sector.\u00a0 The chips remains in the corner for the uptrend for now since the reasons for the present pullback are psychologically motivated.\u00a0 We won\u2019t see any economic data from either the EU or the U.S. until tomorrow as focus shifts towards corporate earnings.\u00a0 Fundamentally, we find supports of 1.3223, 1.3192, 1.3162, 1.3126 and 1.3088.\u00a0 To the topside, we see resistances of 1.3271, 1.3323, 1.3351, 1.3375 and 1.3413.\u00a0 The 1.35 area becomes a psychological barrier again with 1.30 serving as a key psychological cushion.\u00a0 The EUR\/USD is currently exchanging at 1.3271.<\/span><\/span><\/p>\n

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

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

Disclaimer:<\/strong> FastBrokers\u2019 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


\n<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

By Fast Brokers – The EUR\/USD topped out at our 3rd tier uptrend line yesterday and is contracting quickly as U.S. equities look to open sharply lower for the second straight session…<\/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-1275","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1275","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=1275"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1275\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}