{"id":1558,"date":"2009-04-24T09:06:10","date_gmt":"2009-04-24T14:06:10","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1558"},"modified":"2009-04-24T09:06:10","modified_gmt":"2009-04-24T14:06:10","slug":"eurusd-daily-commentary-for-42409","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/24\/eurusd-daily-commentary-for-42409\/","title":{"rendered":"EUR\/USD Daily Commentary for 4.24.09"},"content":{"rendered":"

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

The EUR\/USD has put on an incredible rally the last 24 hours, surging past 4\/10 lows to our 1st tier downtrend line.\u00a0 The EUR\/USD surpassing the highly psychological 1.30 level and our 3rd tier uptrend line on Thursday was a clear instigating force in sending the currency pair higher.\u00a0 Yesterday\u2019s better than expected services and manufacturing PMI data combined with today\u2019s optimistic German Ifo Business Climate reading are giving the Euro incredible strength.\u00a0 All of these data points relay a message that the overall outlook of business managers is improving in the EU.\u00a0 However, what remains to be seen is whether the upturn in these significant data sets materializes into a real uptrend, or merely a bounce in a downtrend.\u00a0 Only time will tell.\u00a0 At least the EUR\/USD bulls have something to cheer about now.\u00a0 The relative strength of the Euro is exemplified by a breakout in the EUR\/GBP as it made a psychological move of its own by shooting above .90.\u00a0 Despite its impressive run, the EUR\/USD is ducking back below our 1st tier downtrend line as investors react to Durable Goods Orders from the U.S.\u00a0 We remain cautiously optimistic as we must remember the ECB has been vague concerning its future monetary policy, creating a lot of uncertainty among the investment world.\u00a0 Caution aside, the EUR\/USD has made some encouraging progress to the topside.\u00a0 The next set of challenges will be climbing above 4\/09 highs and our 2nd and 3rd downtrend lines.\u00a0 Fundamentally, we find supports of 1.3211, 1.3178, 1.3143, 1.3109, and 1.1.3068.\u00a0 To the topside, we see resistances of 1.3269, 1.3297, 1.3335, 1.3379, and 1.3411.\u00a0 1.30 becomes a key psychological cushion while 1.35 serves as a psychological barrier.\u00a0 The EUR\/USD is currently exchanging at 1.3237.<\/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 put on an incredible rally the last 24 hours, surging past 4\/10 lows to our 1st tier downtrend line…<\/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-1558","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1558","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=1558"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1558\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}