{"id":3649,"date":"2009-09-04T11:35:31","date_gmt":"2009-09-04T16:35:31","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3649"},"modified":"2009-09-04T11:35:31","modified_gmt":"2009-09-04T16:35:31","slug":"eurusd-continues-its-consolidation-between-our-trend-lines","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/09\/04\/eurusd-continues-its-consolidation-between-our-trend-lines\/","title":{"rendered":"EUR\/USD Continues its Consolidation Between our Trend Lines"},"content":{"rendered":"

By Fast Brokers <\/strong>– The EUR\/USD is consolidating between our trend lines as they creep towards their respective inflection points.\u00a0 The EUR\/USD is trading lower this morning after America\u2019s headline Unemployment Rate came in two basis points higher than analyst expectations.\u00a0 However, the EUR\/USD is bouncing off of our 1st tier uptrend line, and it appears the currency pair may opt to stay within the bounds of our trend line trading range. The U.S. markets will be closed on Monday for Labor Day, and trading should be thin today since many traders will take a long weekend.<\/p>\n

The S&P futures are trading back above the 1000 mark again.\u00a0 The futures are exhibiting a form of resilience one would expect from such a psychological level.\u00a0 The S&P\u2019s gravitation towards 1000 is preventing the EUR\/USD and other major Dollar crosses from breaking out in either direction.\u00a0 Meanwhile, the EUR\/USD may stay relatively range bound until market optimists or pessimists win out.\u00a0 Investors are still very uncertain in regards to where the market is headed in the near-term.\u00a0 The S&P futures continue to hover around 1000 despite the fact that many analysts are calling for a modest pullback in equities.<\/p>\n

The EU has a relatively light data week ahead and will leave the headlines to the U.S., China and Britain.\u00a0 Next Wednesday and Thursday could prove to be volatile sessions since China will release its Industrial Production data along with a BOE monetary policy decision.\u00a0 It is less certain how the BOE will approach its liquidity program as compared to the ECB.\u00a0 Hence, we could witness a pickup in volatility as the summer comes to a close.\u00a0 Investors will receive Germany Factory Orders on Monday and analysts expect a cool-down in growth from 4.5% to 2%.<\/p>\n

Technically speaking, our trend lines are approaching their inflection points.\u00a0 The EUR\/USD has interacted properly with our trend lines during its recent consolidation.\u00a0 Hence, we believe the inflection points should mark an increase in volatility.\u00a0 Our 3rd tier uptrend and downtrend lines play the largest trend-setting role on our chart.\u00a0 If our 3rd tier downtrend line fails, we anticipate a retest of August highs.\u00a0 On the flipside, a retracement below our 3rd tier uptrend line could result in a retest of August lows.\u00a0 Meanwhile, the 1.40 and 1.45 psychological patiently wait in opposite directions.\u00a0 Investors should keep a close eye on the S&P futures.\u00a0\u00a0 If the S&P futures should continue their downward momentum and head below technical supports, the EUR\/USD would likely exercise its positive correlation with U.S. equities, and vice versa.<\/p>\n

Present Price: 1.4226<\/p>\n

Resistances: 1.4246, 1.4266, 1.4287, 1.4301, 1.4326<\/p>\n

Supports: 1.4224, 1.4208, 1.4197, 1.4168, 1.4154<\/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 is consolidating between our trend lines as they creep towards their respective inflection points.\u00a0 The EUR\/USD is trading lower this morning after America\u2019s headline Unemployment Rate came in two basis points higher than analyst expectations.\u00a0 However, the EUR\/USD is bouncing off of our 1st tier uptrend line, and it … <\/p>\n

Continue reading “EUR\/USD Continues its Consolidation Between our Trend Lines”<\/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-3649","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3649","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=3649"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3649\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}