{"id":2027,"date":"2009-05-19T13:01:00","date_gmt":"2009-05-19T18:01:00","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2027"},"modified":"2009-05-19T13:01:00","modified_gmt":"2009-05-19T18:01:00","slug":"eurusd-daily-commentary-for-51909","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/19\/eurusd-daily-commentary-for-51909\/","title":{"rendered":"EUR\/USD Daily Commentary for 5.19.09"},"content":{"rendered":"

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

The EUR\/USD rallied nicely yesterday, tagging along with impressive gains in U.S. equities.\u00a0 The movement was a refreshing recovery for the EUR\/USD since the currency pair had previously dropped below our 2nd tier downtrend line while hitting our previous bottom-end of 1.3422.\u00a0 The upswing is cooling off today as yesterday\u2019s movement lacked convincing volume and the S&P futures are struggling with previous May highs.\u00a0 The EUR\/USD is battling with May highs of its own, meaning it wouldn\u2019t be surprising to see some near-term consolidation with slight downward pressure.\u00a0 Furthermore, the fact that the EUR\/USD didn\u2019t rally strongly after much better than expected economic sentiment data shows the currency pair could be overbought.\u00a0 On the other hand, if the EUR\/USD and put some upward momentum together and get above previous may highs, we could witness a sizeable near-term pop towards the highly psychological 1.40 level.<\/p>\n

Regardless of near-term obstacles, the EUR\/USD is showing resilience above our 2nd tier downtrend line and the psychological 1.35 level.\u00a0 Therefore, the EUR\/USD is sending a clear bullish message trend-wise with key medium-term downtrend pressures out of the way.\u00a0 As usual, the ultimate direction of the EUR\/USD relies heavily upon U.S. equities.\u00a0 The S&P futures staged quite a rally yesterday and are back above the psychological 900 level, making a convincing argument for the continuation of its uptrend.\u00a0 Therefore, equities are performing in favor of the EUR\/USD\u2019s uptrend.\u00a0 As a result, we maintain our bullish outlook on the EUR\/USD as long as the currency pair can stay above our downtrend lines and the 1.35 psychological level.\u00a0 However, the EUR\/GBP is showing considerable downward pressure, indicating the Euro could continue to experience relative weakness over the medium-term.\u00a0 The EU will be quiet on the news front until Wednesday\u2019s German PPI where investors are looking for an improvement in producer prices.<\/p>\n

Fundamentally, we find resistances of 1.3626, 1.3646, 1.3674, 1.3702, and 1.3735.\u00a0 To the downside, we see supports of 1.3589, 1.3555, 1.3528, 1.3490, and 1.3467.\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 1.3616.<\/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 rallied nicely yesterday, tagging along with impressive gains in U.S. equities. The movement was…<\/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-2027","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2027","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=2027"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2027\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}