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<\/a><\/p>\nBy Fast Brokers<\/p>\n
The EUR\/USD continues its consolidation between our 2nd tier uptrend and downtrend lines, a sign that we could see a little near-term pop as investors bite on what may be oversold conditions. The EUR\/USD is experiencing stability due to a better than expected Claimant Count Change number in Britain.\u00a0 However, any near-term gains could be mitigated due to the highly psychological 1.30 lying just above present levels.\u00a0 Hence, the EUR\/USD should experience more relative consolidation over the next 24 hours as investors await the flood of manufacturing and services data tomorrow.\u00a0 Analysts are expecting the data points to improve slightly from last month\u2019s release.\u00a0 If the numbers come in better anticipated, we could see a nice rally in the EUR\/USD, and if the numbers disappoint vice\/versa.\u00a0 Therefore, Euro investors should enjoy the calm of today as no news is good news.\u00a0 However, the fact the EUR\/USD hasn\u2019t been able to rally back past this area is a sign that the downtrend has its grip around the currency pair\u2019s neck.\u00a0 Despite any near-term any gains that may be realized, we maintain our negative outlook on the EUR\/USD trend wise.\u00a0 With increasing downward pressure on U.S. equities and the sustainability of the economic stabilization in doubt, the EUR\/USD should remain in its damaged state unless news comes showing the serious problems stemming from the global financial crisis are behind us.\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, we hold our resistances of 1.2953, 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 1.2958.<\/p>\n