{"id":2148,"date":"2009-05-27T09:18:32","date_gmt":"2009-05-27T14:18:32","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2148"},"modified":"2009-05-27T09:18:32","modified_gmt":"2009-05-27T14:18:32","slug":"eurusd-daily-commentary-for-52709","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/27\/eurusd-daily-commentary-for-52709\/","title":{"rendered":"EUR\/USD Daily Commentary for 5.27.09"},"content":{"rendered":"

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

The Euro is depreciating against the Dollar as the EUR\/USD\u2019s volume dips.\u00a0 The currency pair\u2019s impressive bull-run is cooling off below the highly psychological 1.40 level, and could get squeezed between our 2nd tier downtrend line and 1st\/2nd tier uptrend lines.\u00a0 The relative weakness of the Euro is reflected in the rapid selloff in the EUR\/GBP with investors favoring the Pound over the Euro.\u00a0 Although, since recent economic data from the EU hasn\u2019t given investors much of a reason to balk, we view present losses as a symptom of overbought conditions.\u00a0 Therefore, we are witnessing a healthy consolidation unless the downturn should pick up speed with sizeable volume.\u00a0 However, we don\u2019t believe this to be the case.\u00a0 We view the bull-trend as alive and well with the last concrete downtrend, our 1st tier, fading into the background.\u00a0 As for the immediate term, keep a close eye on our 1.3889 support.\u00a0 If this doesn\u2019t hold we could see a solid near-term decline.\u00a0 As a result, our 2nd tier uptrend line should prove to be an important defense.<\/p>\n

The EU will be relatively quiet on the economic news front, meaning the EUR\/USD should reflect a sharp positive correlation with U.S. equities for the time being.\u00a0 Hence, should the S&P futures build off of yesterday\u2019s strong showing, the EUR\/USD could be incline to follow suit to the upside.\u00a0 Meanwhile, investors will be looking for a slight increase in the German Unemployment Change release tomorrow as manufacturers and exporters struggle with a stronger Euro and waning global consumption.\u00a0 We maintain our bullish outlook on the EUR\/USD trend-wise with fundamentals working in the bulls\u2019 favor.<\/p>\n

Fundamentally, we find resistances of 1.3922, 1.3958, 1.3991, 1.4024, and 1.4060.\u00a0 To the downside, we see supports of 1.3889, 1.3847, 1.3807, and 1.3751.\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 1.3911.<\/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 Euro is depreciating against the Dollar as the EUR\/USD\u2019s volume dips. The currency pair\u2019s…<\/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-2148","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2148","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=2148"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2148\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}