{"id":3380,"date":"2009-08-18T10:41:29","date_gmt":"2009-08-18T15:41:29","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3380"},"modified":"2009-08-18T10:41:29","modified_gmt":"2009-08-18T15:41:29","slug":"eurusd-fights-to-stay-above-1-40-and-729-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/08\/18\/eurusd-fights-to-stay-above-1-40-and-729-lows\/","title":{"rendered":"EUR\/USD Fights to Stay Above 1.40 and 7\/29 Lows"},"content":{"rendered":"

By Fast Brokers<\/strong> – EUR\/USD is looking to recoup some of yesterday\u2019s losses after ZEW Economic Sentiment data blew past expectations and registered expansion (50+).\u00a0 However, gains are being contained by weak PPI and housing data from the U.S.\u00a0 The S&P futures have also been under considerable downward pressure as investors cash in on overbought conditions.\u00a0 Europe\u2019s impressive sentiment reflects the better than expected GDP data we saw last week.\u00a0 Therefore, EU economic prospects are improving as prices contract and expenses become more reasonable.\u00a0 Unfortunately, U.S. numbers are crashing the party and the S&P futures are back below 1000 again.\u00a0 Hence, the EUR\/USD\u2019s upward mobility could be limited until U.S. equities settle down.<\/p>\n

Meanwhile, the EUR\/USD has managed to avoid a retest of its highly psychological 1.40 level as sell-side volume remains on the tame side.\u00a0 The currency pair is balanced on our 1st tier uptrend line as it approaches an inflection point with our 1st tier downtrend line.\u00a0 Our 1st tier uptrend line carries some weight since it connects through July lows.\u00a0 Hence, a collapse of our 1st tier uptrend line could signal a retreat towards 1.40 and 7\/29 lows.\u00a0 Fortunately for bulls, 1.38-1.40 has a lot of historical consolidation, meaning this trading zone should prove to be reliable if it is encountered.\u00a0 As for the upside, there are considerable barriers due to the EUR\/USD\u2019s recent deterioration.\u00a0 These include our 1st and 2nd tier downtrend lines along with intraday highs and the 1.4180-1.42 area.<\/p>\n

The S&P futures could have some more room to go to the downside if they don\u2019t make a solid effort to pop back above our 2nd tier uptrend line.\u00a0 Furthermore, crude has had a difficult time as of late.\u00a0 Therefore, the next two sessions will be important for the EUR\/USD and its correlations to regain their footing in order to build a new base for a leg up.\u00a0 The EU will release some more PPI and current account data tomorrow.\u00a0 However, investors will likely look forward to Friday\u2019s slew of PMI data along with U.S. Existing Home Sales.\u00a0 The breather could help the EUR\/USD stabilize before Friday\u2019s busy session.<\/p>\n

Present Price: 1.4113<\/p>\n

Resistances: 1.4120, 1.4138, 1.4155, 1.4164, 1.4180<\/p>\n

Supports: 1.4108, 1.4092, 1.4070, 1.4060, 1.4043<\/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 – EUR\/USD is looking to recoup some of yesterday\u2019s losses after ZEW Economic Sentiment data blew past expectations and registered expansion (50+).\u00a0 However, gains are being contained by weak PPI and housing data from the U.S.\u00a0 The S&P futures have also been under considerable downward pressure as investors cash in on overbought … <\/p>\n

Continue reading “EUR\/USD Fights to Stay Above 1.40 and 7\/29 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-3380","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3380","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=3380"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3380\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}