{"id":3281,"date":"2009-08-10T10:34:46","date_gmt":"2009-08-10T15:34:46","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3281"},"modified":"2009-08-10T10:34:46","modified_gmt":"2009-08-10T15:34:46","slug":"eurusd-continues-to-slip-towards-720-728-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/08\/10\/eurusd-continues-to-slip-towards-720-728-lows\/","title":{"rendered":"EUR\/USD Continues to Slip Towards 7\/20-7\/28 Lows"},"content":{"rendered":"

By Fast Brokers<\/strong> – Friday\u2019s large pullback is following through into Monday while the S&P futures continue to dangle just above their highly psychological 1000 level.\u00a0 Friday\u2019s pullback came on abnormally large volume, giving ample reason for the EUR\/USD to continue its slide today.\u00a0 Weakness in the EUR\/USD comes despite better than expected French Industrial Production data.\u00a0 However, positive data from the EUR\/USD is likely giving the Euro relative strength, as exhibited by the bounce taking place in the EUR\/GBP.\u00a0 We recognize similar downturns in both the GBP\/USD and gold as well, indicating a broad-based market weakness.\u00a0 The USD\/JPY is also trading lower today, deviating from Friday\u2019s theme of a stronger Dollar.\u00a0 Meanwhile, crude and the S&P futures are holding strong above their psychological levels, $70\/bbl and 1000 respectively.\u00a0 The continual strength in the U.S. marketplace despite the overall appreciation of the Dollar is puzzling.\u00a0 Could the Dollar\u2019s latest round of appreciation indicate an approaching pullback in the S&P futures, or are the crisis-prone correlations shifting?\u00a0 We will closely monitor the S&P\u2019s correlation with the Dollar for any sort of confirmation.\u00a0 There is always the possibility that an appreciation in the Dollar was overdue and doesn\u2019t detract from the S&P\u2019s rise.<\/p>\n

Meanwhile, we shifted our trend lines to form new 1st tier and 2nd tier uptrend line.\u00a0 The EUR\/USD is quite a ways from our 2nd tier uptrend line.\u00a0 However, if the EUR\/USD can\u2019t stay above our 1.4155 support a pullback towards the 2nd tier seems probable.\u00a0 Our 1st tier turned 3rd tier uptrend line is reaching an inflection point with our 1st tier downtrend line.\u00a0 Therefore, there\u2019s the possibility of heightened volatility over the next 24 hours.\u00a0 While we maintain our negative outlook on the EUR\/USD for the immediate term, the EUR\/USD\u2019s medium-term uptrend still has two uptrend lines and the psychological 1.40 acting in its defense to the downside.\u00a0 As for the upside, the EUR\/USD will just build more obstacles to the upside the more it declines.\u00a0 The immediate-term hurdles to the upside are intraday highs and our 1st tier downtrend line.\u00a0 A recovery into the meat of the 7\/20-7\/28 trading range could be a positive develop and allow the EUR\/USD to build a new base.\u00a0 However, Friday\u2019s high volume shows immediate-term momentum is still in favor of the downside.<\/p>\n

Present Price: 1.4175<\/p>\n

Supports: 1.4163, 1.4155, 1.4132, 1.4116, 1.4082<\/p>\n

Resistances: 1.4195, 1.4215, 1.4234, 1.4248, 1.4275<\/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 – Friday\u2019s large pullback is following through into Monday while the S&P futures continue to dangle just above their highly psychological 1000 level.\u00a0 Friday\u2019s pullback came on abnormally large volume, giving ample reason for the EUR\/USD to continue its slide today.\u00a0 Weakness in the EUR\/USD comes despite better than expected French Industrial … <\/p>\n

Continue reading “EUR\/USD Continues to Slip Towards 7\/20-7\/28 Lows”<\/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-3281","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3281","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=3281"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3281\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}