{"id":1895,"date":"2009-05-11T08:25:57","date_gmt":"2009-05-11T13:25:57","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1895"},"modified":"2009-05-11T08:25:57","modified_gmt":"2009-05-11T13:25:57","slug":"eurusd-daily-commentary-for-51109","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/11\/eurusd-daily-commentary-for-51109\/","title":{"rendered":"EUR\/USD Daily Commentary for 5.11.09"},"content":{"rendered":"

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

The EUR\/USD is cooling off after propelling past the psychological 1.35 level and our critical 3rd tier downtrend line.\u00a0 Built off of 12\/18\/08 highs, our 3rd tier downtrend line represents our final downtrend line for the time being.\u00a0 We believe the defeat of our 3rd tier downtrend line is a key development fundamentally and sends a loud bull message.\u00a0 The burst of energy to the upside in the EUR\/USD came after a better than expected German Industrial Production number in conjunction with continued optimism over the EU\u2019s use of alternative liquidity measures.\u00a0 However, the EUR\/USD is heading south Monday after both French and Italian Industrial Production data came in below analyst expectations.\u00a0 Therefore, the dynamic EU economy is sending a mixed message.\u00a0 Despite today\u2019s pullback, the EUR\/USD made a very bullish move last week.\u00a0 If the currency pair can manage to stabilize above our 3rd tier downtrend line and head north again, we could see more large gains in the near-future.<\/p>\n

Meanwhile, the S&P futures are trying to build a new foundation above 900 to create a reliable defense to the downside in the event of future gains.\u00a0 The health of U.S. equities is always vital for the EUR\/USD since the two are positively correlated.\u00a0 Therefore, if the S&P continues its ascent, then the EUR\/USD could gain some nice momentum to the upside.\u00a0 Thursday and Friday\u2019s gains were backed by substantial volume, giving validity to the currency pair\u2019s present outbreak to the upside.\u00a0 March highs should provide a near-term obstacle to the topside.\u00a0 An eclipse of these highs could excite near term gains.\u00a0 As for the downside, keep an eye on our 3rd tier downtrend line.\u00a0 For if it doesn\u2019t hold, the EUR\/USD\u2019s breakout could be compromised.\u00a0 We maintain our bullish outlook on the EUR\/USD due to its positive fundamental progress in conjunction with the strong performance of U.S. equities.\u00a0 It appears we could be discussing the approach of December 08\u2019 highs in the medium term.<\/p>\n

Fundamentally, we find resistances of 1.3592, 1.3617, 1.3652, 1.3680, and 1.3702.\u00a0 To the downside, we see supports of 1.3573, 1.3545, 1.3519, 1.3492, and 1.3455.\u00a0 The 1.35 area serves as a psychological cushion with 1.40 acting as a psychological barrier.\u00a0 The EUR\/USD is currently exchanging at 1.3580.<\/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 cooling off after propelling past the psychological 1.35 level and our critical 3rd 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-1895","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1895","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=1895"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1895\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}