{"id":3541,"date":"2009-08-28T09:15:50","date_gmt":"2009-08-28T14:15:50","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3541"},"modified":"2009-08-28T09:15:50","modified_gmt":"2009-08-28T14:15:50","slug":"eurusd-climbs-above-our-4th-tier-downtrend-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/08\/28\/eurusd-climbs-above-our-4th-tier-downtrend-line\/","title":{"rendered":"EUR\/USD Climbs above our 4th Tier Downtrend Line"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD has popped above our key 4th tier downtrend line after the combination of better than expected U.S. and British GDP data with an encouraging EU Services Confidence number has motivated bulls to re-enter the risk pool.\u00a0 The S&P futures are knocking at the door of their previous 2009 highs while the 30 Year T-Bond futures drop like a rock.\u00a0 To top the cake, gold is registering an explosive move to the topside.\u00a0 As a result, all of the EUR\/USD\u2019s correlations are indicating a bullish movement approaching.\u00a0 It appears the volatility we were anticipating is finally kicking in.\u00a0 The EUR\/USD\u2019s ascent past our 4th tier downtrend line is a key technical move in our eyes since it runs through August highs.\u00a0 Hence, the EUR\/USD may be headed for a larger leg up with a high probability of retesting these August 5th highs.\u00a0 We notice volume is picking up on the buy-side, highlighted by the 1-hour chart.<\/p>\n

Even though America\u2019s better than expected GDP number passed by without a flinch, Britain\u2019s GDP number is driving home the fact that the global economy is stabilizing.\u00a0 However, there are a few cautionary notes hiding behind the silver lining.\u00a0 U.S. Unemployment Claims aren\u2019t dropping as quickly as projected and Japan\u2019s economy is taking a beating.\u00a0 Furthermore, it remains to see what impact tighter liquidity in China will have on the EU\u2019s manufacturing base.\u00a0 If China cools down, the EU\u2019s rebound may hit a speed bump since Chinese demand has been fueling the global economic recovery. Regardless, the S&P futures may be the driving force behind the EUR\/USD\u2019s next leg up as they distance themselves from 1000 and head to new highs.\u00a0 Investors aren\u2019t discouraged by the mixed economic data and are buying into the concept of a lasting recovery.\u00a0 Hence, even though China may tap on the brakes, rising U.S. demand for EU exports could more than compensate from the slowdown in the East.<\/p>\n

The EUR\/USD\u2019s technical obstacles to the topside will likely be August highs and the meat of the 8\/3-8\/6 trading range.\u00a0 Beyond these levels the next level of significance is the currency pair\u2019s psychological 1.45 level.\u00a0 As for the downside, the EUR\/USD has multiple uptrend lines, intraday lows, and our support levels to fall back on.<\/p>\n

Present Price: 1.4367<\/p>\n

Resistances: 1.4373, 1.4383, 1.4397, 1.4410, 1.4424<\/p>\n

Supports: 1.4340, 1.4327, 1.4310, 1.4297, 1.4281<\/p>\n

Psychological: 1.40, 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 popped above our key 4th tier downtrend line after the combination of better than expected U.S. and British GDP data with an encouraging EU Services Confidence number has motivated bulls to re-enter the risk pool.\u00a0 The S&P futures are knocking at the door of their previous 2009 highs … <\/p>\n

Continue reading “EUR\/USD Climbs above our 4th Tier Downtrend 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-3541","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3541","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=3541"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3541\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}