{"id":2845,"date":"2009-07-08T10:59:23","date_gmt":"2009-07-08T15:59:23","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2845"},"modified":"2009-07-08T10:59:23","modified_gmt":"2009-07-08T15:59:23","slug":"eurusd-experiences-relative-strength-after-upbeat-german-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/07\/08\/eurusd-experiences-relative-strength-after-upbeat-german-data\/","title":{"rendered":"EUR\/USD Experiences Relative Strength after Upbeat German Data"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is recovering from our important 2nd tier uptrend line after German Industrial Production came in much higher than expected, countering June\u2019s setback to the downside.\u00a0 In fact, today\u2019s release is the highest reading in years, and should help ease investor uncertainty for the time being.\u00a0 In addition to today\u2019s positive Industrial Production number, yesterday Germany reported a large, unexpected increase in Factory Orders.\u00a0 The recent optimistic signs from the Germany economy are helping stabilize the Euro despite growing pessimism in global markets.\u00a0\u00a0 That being said, we saw volume begin to rise to the downside yesterday as the greenback appreciated with U.S. equities posting sizable losses.\u00a0 Therefore, investors should keep a watch on the 15M, 30M, and 1H charts to see if volume continues to rise on the sell-side.\u00a0 If sell-side volume increases and the EUR\/USD closes below our 2nd tier uptrend line, we could witness a more rapid pullback towards June lows and our 1st tier uptrend line.\u00a0 On the other hand, we very well may see the EUR\/USD jog between our 2nd tier uptrend and downtrend lines today due to the positive data from Germany.<\/p>\n

Since news will be relatively quiet on the EU front this week, we expect the EUR\/USD to take its cue from U.S. equities and crude futures.\u00a0 The S&P futures are trading near critical supports, and any protracted downward movement in the S&P should be accompanied by a broad-based appreciation of the Dollar.\u00a0 We don\u2019t expect the positive correlation between the EUR\/USD and equities to change any time soon, so U.S. corporate earnings should play a big role in the currency pair\u2019s immediate-term movements.\u00a0 While the EUR\/USD is bouncing off our 2nd tier uptrend line, the currency pair is trading back below the highly psychological 1.40 level.\u00a0 Furthermore, our 2nd tier and 3rd tier uptrend lines are reaching their respective inflection points with our 1st tier and 2nd tier downtrend lines over the next 24-48 hours.\u00a0 Since the S&P futures are trading around important supports, we believe the multiple inflection points in the EUR\/USD may signify an approaching trend-making move.\u00a0 However, the 2nd quarter earnings season doesn\u2019t really start cooking until next week, so the EUR\/USD may choose to stay range-bound for the remainder of the week\u2026Stay tuned.<\/p>\n

Present Price: 1.3924<\/p>\n

Resistances: 1.3944, 1.3970, 1.3991, 1.4018, 1.4050<\/p>\n

Supports: 1.3915, 1.3889, 1.3865, 1.3848, 1.3826<\/p>\n

Psychological: 1.40<\/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 from our important 2nd tier uptrend line after German Industrial Production came in much higher than expected, countering June\u2019s setback to the downside.\u00a0 In fact, today\u2019s release is the highest reading in years, and should help ease investor uncertainty for the time being.\u00a0 In addition to today\u2019s … <\/p>\n

Continue reading “EUR\/USD Experiences Relative Strength after Upbeat German Data”<\/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-2845","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2845","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=2845"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2845\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}