{"id":1749,"date":"2009-05-05T09:24:17","date_gmt":"2009-05-05T14:24:17","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1749"},"modified":"2009-05-05T09:24:17","modified_gmt":"2009-05-05T14:24:17","slug":"eurusd-daily-commentary-for-5509","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/05\/eurusd-daily-commentary-for-5509\/","title":{"rendered":"EUR\/USD Daily Commentary for 5.5.09"},"content":{"rendered":"

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

The EUR\/USD bounced well from the inflection point of our 2nd tier uptrend and 3rd tier downtrend lines.\u00a0 Though the volume wasn\u2019t significant, the action was enough to get the EUR\/USD beyond 4\/30, and subsequently 4\/13 highs.\u00a0 Since the volume to the upside wasn\u2019t anything out of the ordinary, we could witness the present rally top out soon.\u00a0 Hence, although we are still bullish on the EUR\/USD trend-wise, we are neutral\/negative for the near-term.\u00a0 Short term evaluation aside, the EUR\/USD continues to make noteworthy strides fundamentally.<\/p>\n

Given U.S. equities continue their path to recovery, the EUR\/USD should follow suit considering their strong positive correlation.\u00a0 The EUR\/USD is comfortably above our uptrend lines, and the main downtrend barriers left is our 3rd tier downtrend line and the psychological 1.35 level.\u00a0 If the currency pair can manage to climb through these two barriers, there could be little holding back the EUR\/USD from logging exciting gains.\u00a0 Meanwhile, 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.\u00a0 That being said, we wouldn\u2019t be surprised to see U.S. equities hesitate with the S&P sitting at its critical 900 level while investors also await the release stress tests 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 1.3389, 1.3420, 1.3442, 1.3479, and 1.351.\u00a0 To the downside, we hold supports of 1.3358, 1.3323, 1.3283, 1.3241, and 1.3211.\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 1.3390.<\/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 bounced well from the inflection point of our 2nd tier uptrend and 3rd tier downtrend lines…<\/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-1749","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1749","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=1749"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1749\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}