{"id":1659,"date":"2009-04-29T09:54:03","date_gmt":"2009-04-29T14:54:03","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1659"},"modified":"2009-04-29T09:54:03","modified_gmt":"2009-04-29T14:54:03","slug":"eurusd-daily-commentary-for-42909","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/29\/eurusd-daily-commentary-for-42909\/","title":{"rendered":"EUR\/USD Daily Commentary for 4.29.09"},"content":{"rendered":"

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

The EUR\/USD is flying, bolting through all three of our downtrend lines after bouncing off our previous 1.2987 support.\u00a0 Investors came in defense of 1.30 with serious volume.\u00a0 The currency pair is presently testing April 24 highs and it appears to have more room to run should today\u2019s data from the U.S. come in positively.\u00a0 The EUR\/USD\u2019s considerable strength is rooted in better than expected earnings from Spain\u2019s Santander, the EU\u2019s largest bank.\u00a0 Since we are in a financial crisis, positive earnings from banks can be a real driving force.\u00a0 However, all bets are off until the currency pair can plow through April 24 highs towards April 13 highs.<\/p>\n

The sustainability of the EUR\/USD\u2019s momentum will rely upon today\u2019s Prelim GDP number from the U.S.\u00a0 Therefore, keep an eye on the S&P futures since the two investment vehicles are positively correlated.\u00a0 If the S&P can break out of April highs, we expect the EUR\/USD to follow suit.\u00a0 On the other hand, if the GDP data disappoints, we could see the EUR\/USD buckle into its downtrend.<\/p>\n

Altogether, the fact that the EUR\/USD has rallied from 1.30 is a very positive sign for the uptrend.\u00a0 April 28 lows were comfortably above April 21 lows, and the EUR\/USD has popped through our 3rd tier downtrend line.\u00a0 Therefore, the ingredients are on the table for a sustainable rally.<\/p>\n

Fundamentally, we find resistances of 1.3261, 1.3329, 1.3389, 1.3420, and 1.3470.\u00a0 To the downside, we see supports of 1.3236, 1.3208, 1.3170, 1.3127, and 1.3089.\u00a0 The 1.30 area serves as a psychological cushion with 1.35 acting as a psychological barrier.\u00a0 The EUR\/USD is currently exchanging at 1.3268.<\/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 is flying, bolting through all three of our downtrend lines after bouncing off our previous 1.2987 support. Investors came…<\/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-1659","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1659","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=1659"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1659\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}