{"id":2412,"date":"2009-06-10T09:15:40","date_gmt":"2009-06-10T14:15:40","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2412"},"modified":"2009-06-10T09:15:40","modified_gmt":"2009-06-10T14:15:40","slug":"eurusd-moves-higher-despite-weak-french-industrial-production","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/10\/eurusd-moves-higher-despite-weak-french-industrial-production\/","title":{"rendered":"EUR\/USD Moves Higher Despite Weak French Industrial Production"},"content":{"rendered":"

By Fast Brokers <\/strong>– The EUR\/USD is rebounding past 1.40 despite weaker than expected industrial production numbers from both Germany and France over the past two sessions.\u00a0 Therefore, the EUR\/USD is taking its cue from rising crude and S&P futures along with an appreciating Pound following Britain\u2019s positive manufacturing production release.\u00a0 In fact, the EUR\/GBP is falling beneath key lows meaning there could be accelerated losses in the near-term, exemplifying the relative weakness of the Euro.\u00a0 Even though volume to the upside has been weaker than to the downside over the past week, the EUR\/USD is back above the psychological 1.40 level.\u00a0 This is an important step in the uptrend regaining its footing.\u00a0 However, the large volume we saw to the downside is still a bit disconcerting.\u00a0 We are not fazed by the volatility and will need a fundamental confirmation to the upside to feel comfortable with an optimistic outlook on the EUR\/USD.\u00a0 The key test will be our 2nd tier downtrend line.\u00a0 If the EUR\/USD can climb over the 2nd tier, we may see near-term gains accelerate past previous June highs.\u00a0 However, there is quite a ways to go.<\/p>\n

While EU economic data continues to come in mixed, the S&P futures are knocking at 2009 highs.\u00a0 Therefore, despite the current negative tendency of the Euro, the EUR\/USD is inclined to follow U.S. equities higher due to their positive correlation.\u00a0 Improvement in U.S. equities implies a recovery in the global economy, and consequently stabilization in the Euro zone\u2019s economy.\u00a0 We may just not see as large of movements from the Euro to the upside for the time being.<\/p>\n

Fundamentally, we find resistances of 1.4139, 1.4185, 1.4220, 1.4242, 1.4286, and 1.4325.\u00a0 To the downside, we see supports of 1.4105, 1.4056, 1.4020, 1.3964, and 1.3921.\u00a0 The 1.40 area serves as a psychological support with 1.45 acting as a psychological cushion.\u00a0 The EUR\/USD is currently exchanging at 1.4110.<\/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 rebounding past 1.40 despite weaker than expected industrial production numbers from both Germany and France over the past two sessions.\u00a0 Therefore, the EUR\/USD is taking its cue from rising crude and S&P futures along with an appreciating Pound following Britain\u2019s positive manufacturing production release.\u00a0 In fact, the EUR\/GBP … <\/p>\n

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