{"id":1720,"date":"2009-05-04T09:28:06","date_gmt":"2009-05-04T14:28:06","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1720"},"modified":"2009-05-04T09:28:06","modified_gmt":"2009-05-04T14:28:06","slug":"eurusd-daily-commentary-for-5409","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/04\/eurusd-daily-commentary-for-5409\/","title":{"rendered":"EUR\/USD Daily Commentary for 5.4.09"},"content":{"rendered":"

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

The EUR\/USD is selling off Monday after the currency pair failed to get follow-through volume to the upside during Friday\u2019s trading session.\u00a0 Hence, the EUR\/USD has failed to tackle 4\/30 highs, and could be declining to set a 3rd bottom in a head and shoulders formation.\u00a0 The keys to success in a continuation of the uptrend will be staying above 4\/30 and 3\/30 lows.\u00a0 If the 2nd key doesn\u2019t hold, we could witness a subsequent sharp movement to the downside.\u00a0 Intraday, we are seeing the inflection point of our 3rd tier downtrend line and 2nd tier uptrend line.\u00a0 The inflection point occurs just below our 1.3208 support and just above 4\/30 lows, highlighting the near-term significance of this level.\u00a0 Meanwhile, the EUR\/USD will need a surge in volume to the upside to plow through 4\/30 highs.\u00a0 Although we may see further weakness in the near-term, we maintain our bullish outlook on the EUR\/USD until the aforementioned keys are broken.<\/p>\n

The EUR\/USD released weaker than expected German Retail Sales and Sentix Investor Confidence numbers earlier today.\u00a0 However, we don\u2019t view the data as game changing, particularly German Retail Sales since it tends to fluctuate within a reasonable range and the German economy is more manufacturing-focused.\u00a0 FX investors will be paying closer attention to America\u2019s Pending Home Sales release in a few hours.\u00a0 Analysts are expected continued stabilization in this area, and the data is heavily-weighted since the economic crisis began with a malfunctioning housing market.\u00a0 We expect to EUR\/USD to remain positive correlated with the S&P futures for the next few sessions as investors eagerly await the ECB\u2019s meeting on Thursday.<\/p>\n

The ECB\u2019s meeting on Thursday will be critical since the ECB governors have offered various opinions as to the direction of the central bank\u2019s monetary policy.\u00a0 The ECB has maintained its benchmark rate at a respectable level while avoiding liquidity measures such as quantitative easing.\u00a0 The uncertainty among investors could keep any uptrend in check as investors eagerly await results from the meeting.\u00a0 The ECB\u2019s announcement will come on the same day as America\u2019s stress test results, meaning we expect to see a large spike in volatility on Thursday.<\/p>\n

Fundamentally, we maintain resistances of 1.3236, 1.3295, 1.3329, 1.3389, and 1.3420.\u00a0 To the downside, we hold supports of 1.3208, 1.3170, 1.3127, 1.3089, and 1.3039.\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 1.3231.<\/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 selling off Monday after the currency pair failed to get follow-through volume to the upside…<\/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-1720","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1720","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=1720"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1720\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}