{"id":2386,"date":"2009-06-09T11:15:18","date_gmt":"2009-06-09T16:15:18","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2386"},"modified":"2009-06-09T11:15:18","modified_gmt":"2009-06-09T16:15:18","slug":"eurusd-sets-its-sights-on-140","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/09\/eurusd-sets-its-sights-on-140\/","title":{"rendered":"EUR\/USD Sets Its Sights On 1.40"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD continues its balancing act from our 2nd tier uptrend line, and is making a push for the psychological 1.40 level.\u00a0 Despite the recovery from 5\/28 lows, volume is declining with the upward movement, signaling a lack of support to the upside.\u00a0 The largest volume we\u2019ve seen in the last month was on the sell side.\u00a0 Therefore, we aren\u2019t convinced that Monday\u2019s bottom will be lasting.\u00a0 The key barriers to the upside for the near-term are 1.40, our 3rd tier uptrend line and 1.4035 resistance.\u00a0 If the EUR\/USD can climb past these obstacles, we could see a near-term pop towards 1.41.\u00a0 However, the downward pressure on the EUR\/USD seems to be greater than the near-term upward momentum, meaning we could see further losses from present levels.\u00a0 To the downside, our 2nd tier uptrend line and 5\/28 lows are the important lines of defense.\u00a0 If these floors are broken we could see near-term losses accelerate.\u00a0 Though we maintain our negative outlook on the EUR\/USD for the near-term, the medium-term uptrend has an incredible foundation built up over the year.\u00a0 With all of the economic data coming in signaling a global recovery, it will take a hefty blow to destroy the uptrend in place.<\/p>\n

The EUR\/GBP is buckling under the pressure of its downtrend, indicating a relative weakness in the Euro.\u00a0 The weakness results from a disappointing German Industrial Production number this morning.\u00a0 While the lackluster data point is negative, the development is nothing to be overly concerned about at this time.\u00a0 The question becomes whether the slowdown in industrial production is just a bump in the road to recovery, or if the data slumps back into its downtrend.\u00a0 We won\u2019t get a better idea until next month\u2019s release, yet investors should take note nonetheless.\u00a0 With the EU relatively quiet data-wise this week, the EUR\/USD may take its lead from U.S. equities.\u00a0 Therefore, if we see a breakout in the S&P futures to the upside, the EUR\/USD could follow suit due to their positive correlation.\u00a0 Meanwhile, investors should keep a close eye on volume patters in the EUR\/USD to see whether there is more interest to the downside.<\/p>\n

Fundamentally, we find resistances of 1.4003, 1.4035, 1.4090, 1.4103, 1.4139, and 1.4185.\u00a0 To the downside, we see supports of 1.3945, 1.3891, 1.33855, 1.3815, and 1.3766.\u00a0 The 1.40 area serves as a psychological resistance with 1.35 acting as a psychological cushion.\u00a0 The EUR\/USD is currently exchanging at 1.3986.<\/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 continues its balancing act from our 2nd tier uptrend line, and is making a push for the psychological 1.40 level.\u00a0 Despite the recovery from 5\/28 lows, volume is declining with the upward movement, signaling a lack of support to the upside.\u00a0 The largest volume we\u2019ve seen in the last … <\/p>\n

Continue reading “EUR\/USD Sets Its Sights On 1.40”<\/span><\/a><\/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-2386","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2386","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=2386"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2386\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}