{"id":1493,"date":"2009-04-21T09:58:07","date_gmt":"2009-04-21T14:58:07","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1493"},"modified":"2009-04-21T09:58:07","modified_gmt":"2009-04-21T14:58:07","slug":"eurusd-daily-commentary-for-42109","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/21\/eurusd-daily-commentary-for-42109\/","title":{"rendered":"EUR\/USD Daily Commentary for 4.21.09"},"content":{"rendered":"

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

The EUR\/USD rallied earlier today, resulting in some consolidation following the large selloff.\u00a0 The strength in the EUR\/USD came in reaction to better than expected consumer sentiment data in both Germany and the EU as a whole.\u00a0 However, the rally is losing steam already as the currency pair gives into U.S. equities.\u00a0 Earnings are flooding the U.S. market before the bell, and the results are negative for the most part.\u00a0 Therefore, it seems the positive consumer sentiment numbers won\u2019t be game changing for the EUR\/USD.\u00a0 Investors are more focused on future ECB policy with public discord among its members.\u00a0 Additionally, if U.S. equities lose their footing, investors will likely attach the EUR\/USD to the S&P futures since investors believe whatever happens in the U.S. will bleed over into the EU economy due to tight economic coupling.\u00a0 The EUR\/USD has already dropped through some key fundamental safety nets.\u00a0 The currency pair is turning its back on the highly psychological 1.30 level, a large victory for the downtrend.\u00a0 However, as we described in our previous posts, the EUR\/USD has some solid supports built up from the condensed trading ranges between February and March.\u00a0 Therefore, even if the near-term selloff should continue, there should be intense battlegrounds from 1.25-1.28.\u00a0 The EUR\/USD has found support in our previous 1st tier uptrend line and we created a new 1st tier to show the next uptrend cushion.\u00a0 We maintain our negative stance on the EUR\/USD for the time being since the S&P futures look like they have more room to give to the downside.\u00a0 However, the EUR\/USD could experience relative strength if U.S. equities proceed to selloff due to the better expected consumer sentiment data.\u00a0 Fundamentally, we maintain our supports of 1.2919, 1.2876, 1.2833, and 1.2800 with fresh bottom-end of 1.2756.\u00a0 To the topside, our 1.2953 support turns resistance while we hold our resistances of 1.3017, 1.3050, 1.3091, and 1.3126.\u00a0 The 1.30 area still serves as a psychological barrier with 1.25 becoming a key psychological cushion.\u00a0 The EUR\/USD is currently exchanging at 1.2927.<\/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 rallied earlier today, resulting in some consolidation following the large selloff. The strength in the EUR\/USD came in reaction to better…<\/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-1493","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1493","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=1493"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1493\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}