{"id":2532,"date":"2009-06-18T12:40:36","date_gmt":"2009-06-18T17:40:36","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2532"},"modified":"2009-06-18T12:40:36","modified_gmt":"2009-06-18T17:40:36","slug":"eurusd-backs-away-from-140","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/18\/eurusd-backs-away-from-140\/","title":{"rendered":"EUR\/USD Backs Away from 1.40"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD popped slightly yesterday as Tuesday\u2019s positive economic sentiment data carried over into Wednesday\u2019s session.\u00a0 However, Wednesday\u2019s rise failed to touch 1.40 and the EUR\/USD is consolidating around our 3rd tier uptrend line right now.\u00a0 When viewing the 1-hour, we notice the currency pair continues to register larger volume to the downside than the upside.\u00a0 Therefore, we believe considerable momentum to the downside remains.\u00a0 The near-term test will be the ability of the EUR\/USD to stay above our 2nd tier downtrend and uptrend lines.\u00a0 These two trend lines are reaching an inflection point within the next 24-48 hours, highlighting the importance of the moment.<\/p>\n

Meanwhile, the S&P futures are drifting lower with a retest of 900 in the making.\u00a0 Even though the psychological 900 level should prove to be a reliable near-term cushion, a sizeable pullback could be approaching.\u00a0 Due to the positive correlation between the EUR\/USD and U.S. equities, the fact that the S&P\u2019s fundamentals are deteriorating certainly doesn\u2019t bode well for the EUR\/USD\u2019s upside, particularly at a T-Junction like now.\u00a0 If the EUR\/USD\u2019s 2nd trend lines don\u2019t hold, we could witness another hefty pullback towards 1.35.\u00a0 While we have a negative mentality in regards to our near-term outlook for the EUR\/USD trend-wise, the uptrend beginning in October 2008 still has quite a few lines of defense to rely upon.\u00a0 As for the upside, if the EUR\/USD can climb above 1.40 we could see a near-term pop towards our 3rd tier downtrend line.<\/p>\n

The EU won\u2019t release any more economic data until Friday\u2019s German PPI.\u00a0 Data from the EU continues to be mixed, yet has come in positively lately, giving the EUR\/GBP a bit of a pop.\u00a0 Investors will be paying more attention to the behavior of U.S. equities over the remainder of the week as they watch the S&P\u2019s reaction to 900 should it be reached.<\/p>\n

Present Price: 1.3856<\/p>\n

Resistances: 1.3954, 1.4019, 1.4052, 1.4111, 1.4148<\/p>\n

Supports: 1.3894, 1.3847, 1.3807, 1.3759, 1.3724<\/p>\n

Psychological: 1.40, 1.35<\/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 popped slightly yesterday as Tuesday\u2019s positive economic sentiment data carried over into Wednesday\u2019s session.\u00a0 However, Wednesday\u2019s rise failed to touch 1.40 and the EUR\/USD is consolidating around our 3rd tier uptrend line right now.\u00a0 When viewing the 1-hour, we notice the currency pair continues to register larger volume to … <\/p>\n

Continue reading “EUR\/USD Backs Away from 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-2532","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2532","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=2532"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2532\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}