{"id":2167,"date":"2009-05-28T09:12:59","date_gmt":"2009-05-28T14:12:59","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2167"},"modified":"2009-05-28T09:12:59","modified_gmt":"2009-05-28T14:12:59","slug":"eurusd-daily-commentary-for-52809","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/28\/eurusd-daily-commentary-for-52809\/","title":{"rendered":"EUR\/USD Daily Commentary for 5.28.09"},"content":{"rendered":"

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

The EUR\/USD is recovering some of yesterday\u2019s losses incurred from the selloff in U.S. equities.\u00a0 The currency pair is re-approaching our 1st tier uptrend line after Germany\u2019s unemployment change number came in much better than expected.\u00a0 The fact unemployment change has exited the 40k-60k range is very encouraging for the EU and creates a sense of normalcy in the employment market. Today\u2019s release tags onto the positive current account data we saw yesterday, and the PMI and economic sentiment numbers from last week.\u00a0 Therefore, economic data continues its upward trend for the most part, encouraging investors the global economy is stabilizing.\u00a0 Recent economic data highlights our belief that the EUR\/USD\u2019s present pullback as a result of overbought conditions combined with a hesitation at the psychological 1.40 level.\u00a0 Therefore, the EUR\/USD could experience a solid rally today if America\u2019s durable goods orders and new home sales numbers exceed expectations.<\/p>\n

The EUR\/USD remains in a bullish trend with the next natural obstacles being previous May highs and 1.40.\u00a0 If the currency pair can climb past these obstacles, we could see a solid near-term pop towards the 1.43 area.\u00a0 However, the EUR\/USD has its work cut out for it as our trend lines crawl towards their inflection point, which will likely be reached before week\u2019s end.\u00a0 Therefore, we anticipate further consolidation until our trend lines collide followed by a strong directional move.\u00a0 Despite our bullish outlook, yesterday\u2019s solid volume on a down-bar is a disconcerting, and makes us a little wary.\u00a0 Additionally, the inconsistent performance of the S&P has cast a shadow of a doubt on present equity valuations.\u00a0 Therefore, if U.S. equities should falter, the EUR\/USD would likely exercise its positive correlation and follow suit.\u00a0 If the EUR\/USD should continue its decline, May 21 lows serve as an important support area.\u00a0 Regardless of the near-term uncertainty, we maintain our bullish outlook trend wise until further notice.<\/p>\n

Fundamentally, we find resistances of 1.3899, 1.3922, 1.3958, 1.3991, and 1.4024.\u00a0 To the downside, we see supports of 1.3847, 1.3807, 1.3756, 1.3732, and 1.3659.\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 1.3889.<\/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 recovering some of yesterday\u2019s losses incurred from the selloff in U.S. equities. The currency pair…<\/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-2167","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2167","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=2167"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2167\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}