{"id":3441,"date":"2009-08-21T10:17:33","date_gmt":"2009-08-21T15:17:33","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3441"},"modified":"2009-08-21T10:17:33","modified_gmt":"2009-08-21T15:17:33","slug":"eurusd-pops-above-813-highs-after-positive-pmi-dat","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/08\/21\/eurusd-pops-above-813-highs-after-positive-pmi-dat\/","title":{"rendered":"EUR\/USD Pops Above 8\/13 Highs after Positive PMI Dat"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is making a solid move higher past 8\/13-8\/14 highs after the wave of PMI data came in above analyst expectations.\u00a0 In fact, a couple PMI data points are registering expansion (50+) while the rest are making a strong case to do the same.\u00a0 Such positive improvements in data tend to have a larger impact on the EUR\/USD than the GBP\/USD since the ECB\u2019s interest rate remains at 1%.\u00a0 The growth in PMI mirrors the expansion we saw in the EU\u2019s Economic Sentiment data released earlier this week.\u00a0 Hence, the EU is making a good case for returning to GDP growth in H2.\u00a0 The EUR\/USD is reacting accordingly, knocking on the door of our readjusted 2nd tier downtrend line.\u00a0 The EUR\/USD is now in an advantageous position since our downtrend lines are tight.\u00a0 If the EUR\/USD can get above our 4th tier downtrend line, the currency pair may experience exciting movements to the topside since the 4th tier runs through August highs.\u00a0 Hence, a breakdown of our 4th tier downtrend line would likely yield a retest of August 5th highs.<\/p>\n

Meanwhile, the S&P futures are staring down their own August highs as investors await Existing Home Sales data.\u00a0 A large increase in this data set could propel the S&P futures to new 2009 highs and add fire to the EUR\/USD\u2019s upward momentum due to their positive correlation.\u00a0 However, disappointing Existing Home Sales data could drag the S&P futures back towards 1000 and keep the EUR\/USD locked beneath our 4th tier downtrend line for the session. Regardless, momentum is clearly in favor of the upside do to positive developments in EU economic data.<\/p>\n

Present Price: 1.4337<\/p>\n

Resistances: 1.4350, 1.4360, 1.4375, 1.4405, 1.4420<\/p>\n

Supports: 1.4237, 1.4315, 1.4304, 1.4294, 1.4264<\/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 making a solid move higher past 8\/13-8\/14 highs after the wave of PMI data came in above analyst expectations.\u00a0 In fact, a couple PMI data points are registering expansion (50+) while the rest are making a strong case to do the same.\u00a0 Such positive improvements in data tend … <\/p>\n

Continue reading “EUR\/USD Pops Above 8\/13 Highs after Positive PMI Dat”<\/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-3441","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3441","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=3441"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3441\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}