{"id":1477,"date":"2009-04-20T14:37:51","date_gmt":"2009-04-20T19:37:51","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1477"},"modified":"2009-04-20T14:37:51","modified_gmt":"2009-04-20T19:37:51","slug":"eurusd-daily-commentary-for-42009","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/20\/eurusd-daily-commentary-for-42009\/","title":{"rendered":"EUR\/USD Daily Commentary for 4.20.09"},"content":{"rendered":"

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

The EUR\/USD has really deteriorated since Friday after falling below previous April lows.\u00a0 The EUR\/USD fell into a rapid decline from here, and is presently trading back below the highly psychological 1.30 level.\u00a0 Though 1.30 has been broken, we wouldn\u2019t be surprised to see some support around this area as investors take advantage of oversold conditions and hesitate leaving 1.30 behind.\u00a0 Serious damage has been inflicted upon the Euro in reaction to dissent among the ECB.\u00a0 The ECB continues to send mixed messages regarding its future monetary policy and the uncertainty is killing the EUR\/USD.\u00a0 Investors need a unified central back in the face of the global economic crisis.\u00a0 Discontent among the ECB raises debate concerning whether a benchmark rate below 1% is in the not so distant future.\u00a0 Though the EU has shown signs of improvement in economic data, economists agree the global economy remains in a fragile state.\u00a0 If a second wave of crisis should hit, the EU could find itself exposed again to faltering Eastern European economies.\u00a0 Adding to the downward pressure in the EUR\/USD is another positive earnings report from a major U.S. financial, Bank of America.\u00a0 The weakness in the EU economy relative to the present strength in America\u2019s is appreciating the Dollar across the board.\u00a0 On a more speculative front, we should consider what the EUR\/USD\u2019s freefall implies about U.S. equities.\u00a0 Since the two have been positive correlating through the economic crisis, does the EUR\/USD\u2019s plunge indicate an approaching selloff in the S&P futures?\u00a0 On an encouraging note for the EUR\/USD, the currency pair has a ton of solid support to rely upon after building up a solid base from February through March.\u00a0 Therefore, although the near-term fundamentals are negative, the EUR\/USD has some considerable assistance to the downside to keep the overall uptrend intact.\u00a0 We adjusted our 1st tier uptrend line to give investors a picture of where the force of the uptrend comes into play next.\u00a0 Fundamentally, we find supports of 1.2953, 1.2919, 1.2876, 1.2833, and 1.2800.\u00a0 To the topside, we see resistances of 1.3017, 1.3050, 1.3091, 1.3126, and 1.3162.\u00a0 The 1.30 area still serves as a psychological cushion but could turn into a barrier shortly.\u00a0 The EUR\/USD is currently exchanging at 1.2967.<\/p>\n

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

Market Commentary<\/strong><\/em> 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","protected":false},"excerpt":{"rendered":"

By Fast Brokers – The EUR\/USD has really deteriorated since Friday after falling below previous April lows. The EUR\/USD fell into a rapid decline…<\/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-1477","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1477","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=1477"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1477\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}