{"id":1930,"date":"2009-05-12T10:38:56","date_gmt":"2009-05-12T15:38:56","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1930"},"modified":"2009-05-12T10:38:56","modified_gmt":"2009-05-12T15:38:56","slug":"eurusd-daily-commentary-for-51209","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/12\/eurusd-daily-commentary-for-51209\/","title":{"rendered":"EUR\/USD Daily Commentary for 5.12.09"},"content":{"rendered":"<p><span style=\"color: #888888;\">By Fast Brokers<\/span><\/p>\n<p>The EUR\/USD is popping up towards March highs, exploding from our 3rd tier downtrend line as anticipated.\u00a0 As we explained in our previous post, breaking through the 3rd tier was a key fundamental move.\u00a0 Therefore, the EUR\/USD should continue enjoy its upward momentum, at least until the psychological 1.40 area.\u00a0 We wouldn\u2019t be surprised to see the currency pair peak outside of March highs only to retrace in hesitation as bulls run out of steam.\u00a0 In fact, the present leg up isn\u2019t enjoying the strong volume we saw before, meaning investors could take some profits soon, indicating a pullback with congestion.<\/p>\n<p>The EU has no economic releases today, so the EUR\/USD is feeding off of the Cable\u2019s positive energy.\u00a0 The better than expected Manufacturing Production number out of Britain is exciting bulls, leading to a pop in both the EUR\/USD and the S&amp;P futures.\u00a0 The fact that the EUR\/USD is tagging along for the ride is revealed by a sharp pullback in the EUR\/GBP.\u00a0 Both the EUR\/USD and GBP\/USD have broken free of our last-resort downtrend lines, further supporting our bullish outlook.\u00a0 The EU region will remain relatively quiet on the news front until Friday, when it releases German Prelim GDP.\u00a0 Until then, the EUR\/USD should tag along with the Cable and U.S. equities in a positive correlation while registering comparatively muted gains should all move to the upside.<\/p>\n<p>Fundamentally, we find resistances of 1.3735, 1.3777, 1.3837, 1.3868, and 1.3918.\u00a0 To the downside, we see supports of 1.3702, 1.3674, 1.3646, 1.3626, and 1.3598.\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 1.3695.<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/5_12euro.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/5_12euro.gif\" alt=\"\" width=\"595\" height=\"500\" \/><\/a><\/p>\n<p><em><strong>Market Commentary<\/strong><\/em> provided by <a href=\"http:\/\/www.fastbrokers.com\/index.php?PL080\" target=\"_blank\"><span style=\"text-decoration: underline;\"><strong>Fast Brokers<\/strong><\/span><\/a>.<\/p>\n<p><strong>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<p><strong>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":"<p>By Fast Brokers &#8211; The EUR\/USD is popping up towards March highs, exploding from our 3rd tier downtrend line as anticipated&#8230;<\/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-1930","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1930","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=1930"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1930\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}