{"id":3301,"date":"2009-08-11T11:29:09","date_gmt":"2009-08-11T16:29:09","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3301"},"modified":"2009-08-11T11:29:09","modified_gmt":"2009-08-11T16:29:09","slug":"eurusd-drops-to-our-2nd-tier-uptrend-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/08\/11\/eurusd-drops-to-our-2nd-tier-uptrend-line\/","title":{"rendered":"EUR\/USD Drops to our 2nd Tier Uptrend Line"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is trying to balance on our 2nd tier uptrend line after reacting negatively to the collision of our 3rd tier uptrend and 1st tier downtrend line.\u00a0 Meanwhile, the EUR\/USD is hanging out just above the bottom of the 7\/20-7\/28 trading range.\u00a0 On a positive note, volume on the sell-side is declining, meaning the currency pair could attempt to stabilize soon.\u00a0 The Euro is experiencing relative weakness today after the credit ratings of Latvia and Estonia were downgraded, damaging EU organizations financial exposed to the Eastern European countries.\u00a0 However, the EUR\/USD is holding up well considering the S&P futures are under considerable selling pressure this morning.\u00a0 We\u2019re going to monitor the EUR\/USD\u2019s behavior today should the S&P\u2019s downturn accelerate.\u00a0 If the Dollar depreciates noticeably and the S&P futures tumble, this would add evidence to the argument that the Greenback\u2019s correlation with U.S. equities is shifting.\u00a0 However, if the EUR\/USD flat lines or decline and the S&P futures decline sharply, then we may conclude that the depreciation of the Dollar over the past two sessions indicated a pullback in equities.<\/p>\n

Meanwhile, 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 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

Though investors will be looking for EU Industrial Production to stay positive tomorrow, the focus will be on British employment data and the conclusion of the Fed\u2019s monetary policy meeting.\u00a0 If Bernanke states that the U.S. economy continues to improve and there are no plans to add further liquidity to the system, it will be interesting to see whether this results in a stronger or weaker Dollar.\u00a0 While one may normally expect a weaker Dollar since such an announcement will ideally lift U.S. equities, we could witness the Greenback appreciate across the board should such a decision be made.\u00a0 However, we will have to see how tomorrow\u2019s meeting pans out before we get too far ahead of ourselves.
\nPresent Price: 1.4119<\/p>\n

Supports: 1.4132, 1.4154, 1.4165, 1.4182, 1.4200<\/p>\n

Resistances: 1.4116, 1.4094, 1.4082, 1.4063, 1.4042<\/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 trying to balance on our 2nd tier uptrend line after reacting negatively to the collision of our 3rd tier uptrend and 1st tier downtrend line.\u00a0 Meanwhile, the EUR\/USD is hanging out just above the bottom of the 7\/20-7\/28 trading range.\u00a0 On a positive note, volume on the sell-side … <\/p>\n

Continue reading “EUR\/USD Drops to our 2nd Tier Uptrend Line”<\/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-3301","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3301","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=3301"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3301\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}