{"id":2460,"date":"2009-06-12T10:38:02","date_gmt":"2009-06-12T15:38:02","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2460"},"modified":"2009-06-12T10:38:02","modified_gmt":"2009-06-12T15:38:02","slug":"eurusd-retreats-towards-its-neckline","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/12\/eurusd-retreats-towards-its-neckline\/","title":{"rendered":"EUR\/USD Retreats towards its Neckline"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD topped-out yesterday and is heading back towards our 1st tier uptrend line, or the neck of its head and shoulders pattern.\u00a0 Gold just collapsed beneath its own neckline, which could be foreboding of a similar occurrence in the EUR\/USD due to their strong positive correlation.\u00a0 Therefore, investors should keep a close eye on our 1st tier uptrend line, which just reached an inflection point with our 1st tier downtrend line.\u00a0 Meanwhile, the currency pair is trading back below the psychological 1.40 level.\u00a0 We can\u2019t forget how we\u2019ve seen stronger volume to the downside than the upside over the past week.\u00a0 Additionally, analysts are voicing their belief that U.S. equities are due for a healthy pullback themselves.\u00a0 In all, we have little reason to alter our negative near-term outlook on the EUR\/USD since there aren\u2019t any positive indicators we can find out there at present.\u00a0 If our 1st uptrend line doesn\u2019t hold, we believe there could be a brisk pullback.<\/p>\n

Meanwhile, investors should keep a close eye on the S&P futures.\u00a0 The S&P futures are testing their own 1st tier downtrend line.\u00a0 A break beneath here and May 7 highs could be accompanied by a hurried appreciation of the greenback across the board.\u00a0 Regardless of the near-term downward pressure, the EUR\/USD\u2019s medium-term uptrend line is safe for now.\u00a0 There are plenty of safety nets we can map out on the way down, so we aren\u2019t overly concerned at the moment.\u00a0 As for the upside, if the 1st tier uptrend line can hold this would be a definite plus.\u00a0 After all, the EU had a light week news-wise, so the currency pair could hold on to see how next week pans out.\u00a0 Speaking of data, the EU industrial production number came in well below expectations.\u00a0 However, we saw that one coming and investors shouldn\u2019t be surprised since both Germany and France reported released disappointing industrial production data earlier this week.<\/p>\n

Present Price: 1.3975<\/p>\n

Resistances: 1.4020, 1.4056, 1.4105, 1.4139, 1.4175<\/p>\n

Supports: 1.3964, 1.3921, 1.3860, 1.3807, 1.3759.<\/p>\n

Psychological: 1.40, 1.45<\/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 topped-out yesterday and is heading back towards our 1st tier uptrend line, or the neck of its head and shoulders pattern.\u00a0 Gold just collapsed beneath its own neckline, which could be foreboding of a similar occurrence in the EUR\/USD due to their strong positive correlation.\u00a0 Therefore, investors should keep … <\/p>\n

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