{"id":2887,"date":"2009-07-13T10:20:49","date_gmt":"2009-07-13T15:20:49","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2887"},"modified":"2009-07-13T10:20:49","modified_gmt":"2009-07-13T15:20:49","slug":"eurusd-resilient-after-last-weeks-optimistic-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/07\/13\/eurusd-resilient-after-last-weeks-optimistic-data\/","title":{"rendered":"EUR\/USD Resilient after Last Week\u2019s Optimistic Data"},"content":{"rendered":"

By Fast Brokers<\/span> – The EUR\/USD is climbing above our 2nd tier uptrend line as it re-approaches the psychological 1.40 mark once again.\u00a0 The Euro is showing relative strength across the board after last week\u2019s releases gave hope to the German and French economies.\u00a0 The Euro\u2019s resilience is revealed in the encouraging performance of the EUR\/GBP, which has stabilized above several of our near-term downtrend lines.\u00a0 It seems it\u2019s the Euro\u2019s turn to accelerate after several setbacks, and we believe the EUR\/USD could have a little more room to run to the upside for the immediate term.\u00a0 However, the negative sentiment in the market hasn\u2019t changed, meaning the overall momentum remains to the downside.\u00a0 Investors are getting for tomorrow with economic data picking back up and 2nd quarter earnings reports hitting the wires.\u00a0 The EUR\/USD should maintain its relative strength for the coming week barring any large disappointments from the EU\u2019s economic sentiment, industrial production, or CPI.<\/p>\n

The EU will release important economic sentiment data along with industrial production on Tuesday.\u00a0 Investors are expecting to see a continual improvement in consumer sentiment as the number approaches 50, or the barrier between growth and contraction.\u00a0 Investors are also looking for as sharp reversal in industrial production from June\u2019s reading of -1.9%.\u00a0 Expecting 1.5% may be setting the market up for disappointment since we\u2019ve seen industrial production come in below the median analyst predictions for the past two months.\u00a0 In addition to key data points from the EU, the U.S. will release retail sales, PPI, and business inventories tomorrow.\u00a0 Therefore, considering we\u2019re entering the beginning of the 2nd quarter earnings season, the EUR\/USD has the potential to become volatile over the next few trading sessions.<\/p>\n

The EUR\/USD made some encouraging technical moves last week after bottoming out comfortably above June lows on July 8th .\u00a0 Since then, the EUR\/USD has bounced off of our 1st tier uptrend line several times.\u00a0 Though the EUR\/USD popped past 1.40 on July 9th, the currency pair has since retraced, and 1.40 continues to be a formidable foe to the upside.\u00a0 Hence, 1.40 and June 9th highs should serve as hefty immediate term obstacles.\u00a0 The EUR\/USD may drift higher for the time being until our 3rd tier downtrend line reaches our 1.4065 resistance.\u00a0 Despite the positive near-term developments in the EUR\/USD, we\u2019ve seen volume declining steadily to the upside, meaning the EUR\/USD\u2019s run could top-out in the next day or two.\u00a0 As for the downside, any reversal below July 10 and\/or July 8 lows on rising volume would raise a red flag.<\/p>\n

Present Price: 1.3975<\/p>\n

Resistances: 1.3991, 1.4020, 1.4050, 1.4065, 1.4091<\/p>\n

Supports: 1.3970, 1.3944, 1.3915, 1.3889, 1.3865<\/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 climbing above our 2nd tier uptrend line as it re-approaches the psychological 1.40 mark once again.\u00a0 The Euro is showing relative strength across the board after last week\u2019s releases gave hope to the German and French economies.\u00a0 The Euro\u2019s resilience is revealed in the encouraging performance of the … <\/p>\n

Continue reading “EUR\/USD Resilient after Last Week\u2019s Optimistic 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-2887","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2887","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=2887"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2887\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}