{"id":3186,"date":"2009-08-03T12:37:05","date_gmt":"2009-08-03T17:37:05","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3186"},"modified":"2009-08-03T12:37:05","modified_gmt":"2009-08-03T17:37:05","slug":"eurusd-continues-its-surge-after-positive-global-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/08\/03\/eurusd-continues-its-surge-after-positive-global-data\/","title":{"rendered":"EUR\/USD Continues its Surge After Positive Global Data"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD has rocketed past all of our previous downtrend lines, bursting out of the gates sooner than we had anticipated.\u00a0 Investors are shrugging off the much weaker than expected retail sales data out of Germany, choosing to focus on the U.S., China, and Britain instead.\u00a0 All countries released stronger than expected manufacturing PMI data points, with Britain\u2019s registering growth (50.8) for the first time since May 2008.\u00a0 The higher than expected PMIs bode well for the EU\u2019s large manufacturing sector.\u00a0 The EU should benefit as the global economy pieces together consumption, so the EUR\/USD is benefitting from today\u2019s wave of positive news.<\/p>\n

Investors are continuing their return to risk, resulting in a broad-based depreciation of the Dollar.\u00a0 The EUR\/USD is setting new 2009 highs, locking its sights on the psychological 1.45 mark, the next psychological barrier.\u00a0 The EUR\/USD appears to have some more near-term upward mobility since the currency pair has leapt past our downtrend line forming through September 22nd and December 18th highs.\u00a0 These highs are the next points of heavy resistance, yet they reside around the 1.47 zone.\u00a0 Hence, it\u2019s clear this rally has legs.\u00a0 Speaking of which, the EUR\/USD is registering large volume on the buy-side, indicating bulls are putting their money where their mouth is.<\/p>\n

Despite the rampant optimism, the S&P futures are trading at 1000 mark right now.\u00a0 While the flood of today\u2019s positive news could send the futures past 1000, it\u2019s difficult to believe this highly psychological level won\u2019t put up a good fight once it\u2019s breached.\u00a0 Therefore, the EUR\/USD could hit a wall soon and consolidate should the S&P futures behave as we suspect.\u00a0 There is a ton of important U.S. data left to be seen over the next two days, and investors may want to wait and see how the other indicators fare.\u00a0 Data will be relatively quiet on the EU front until Thursday\u2019s ECB monetary policy decision.\u00a0 However, should U.S. and British economic data outperform leading up to the meeting, the EUR\/USD may already price in a neutral\/positive result from the ECB.\u00a0 Regardless, the EUR\/USD is making a clear case for its uptrend, giving a green light.\u00a0 It would take a very large, negative shock to derail the recovery in the EUR\/USD.<\/p>\n

Present Price: 1.4413<\/p>\n

Resistances: 1.4441, 1.4476, 1.4506, 1.4546<\/p>\n

Supports: 1.4391, 1.4348, 1.4305, 1.4266, 1.4242<\/p>\n

Psychological: 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 has rocketed past all of our previous downtrend lines, bursting out of the gates sooner than we had anticipated.\u00a0 Investors are shrugging off the much weaker than expected retail sales data out of Germany, choosing to focus on the U.S., China, and Britain instead.\u00a0 All countries released stronger than … <\/p>\n

Continue reading “EUR\/USD Continues its Surge After Positive Global 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-3186","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3186","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=3186"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3186\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}