{"id":3759,"date":"2009-09-10T12:39:50","date_gmt":"2009-09-10T17:39:50","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3759"},"modified":"2009-09-10T12:39:50","modified_gmt":"2009-09-10T17:39:50","slug":"eurusd-looks-to-continue-its-run-after-tuesdays-key-movement","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/09\/10\/eurusd-looks-to-continue-its-run-after-tuesdays-key-movement\/","title":{"rendered":"EUR\/USD Looks to Continue its Run after Tuesday\u2019s Key Movement"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is looking to wrestle free of its slight consolidative period following Tuesday\u2019s important movement to the topside.\u00a0 As we explained in our previous analysis, the EUR\/USD jumping past our previous 3rd tier downtrend line and August highs was a clear technical message in favor of the uptrend following heavy summer consolidation.\u00a0 However, volume has tailed off a bit since then, and investors are waiting for China\u2019s economic data Thursday evening EST.\u00a0 Regardless of present consolidation, a fresh uptrend is alive and well, indicating China\u2019s econ data will likely surpass analyst expectations.\u00a0 We can\u2019t create any new downtrend lines besides connecting through weekly highs, a very positive sign for the EUR\/USD.\u00a0 Therefore, we believe the EUR\/USD has quite a lot of room left to go to the topside over the near-term.\u00a0 However, December 2008 highs should serve as an intermediate technical barrier to the topside should they be tested.\u00a0 Furthermore, the 1.45-1.50 range could prove to be sticky since the EUR\/USD has quite a bit of historical trading in this zone dating back to 11\/2008-03\/2009 and 08\/2009-09\/2009.\u00a0\u00a0 Hence, 1.50 represents a key psychological barrier as far as the EUR\/USD\u2019s medium-term uptrend is concerned.<\/p>\n

As for the downside, we\u2019ve obviously readjusted our uptrend lines to compensate for Tuesday\u2019s breakout and 1.45 becomes a psychological support.\u00a0 France reported a setback in the recovery of the nation\u2019s Industrial Production data, applying slight downward pressure on the EUR\/USD.\u00a0 However, Germany printed a much better than expected Industrial Production number on Monday, so EU Industrial Production has clearly been counterbalanced.\u00a0 With EU economic data pretty much finished for the week, the one force that could alter the EUR\/USD\u2019s near-term upward trajectory would be disappointing Industrial Production data from China.\u00a0 However, China\u2019s data should come in line since the government feels comfortable enough to tighten the gates a little on liquidity.\u00a0 We maintain our bullish near-term outlook on the EUR\/USD even if the currency pair should gravitate to the psychological 1.45 level over the immediate-term.<\/p>\n

Present Price: 1.4588<\/p>\n

Resistances: 1.4590, 1.4606, 1.4639, 1.4672, 1.4710<\/p>\n

Supports: 1.4550, 1.4534, 1.4518, 1.4506, 1.4483<\/p>\n

Psychological: 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 looking to wrestle free of its slight consolidative period following Tuesday\u2019s important movement to the topside.\u00a0 As we explained in our previous analysis, the EUR\/USD jumping past our previous 3rd tier downtrend line and August highs was a clear technical message in favor of the uptrend following heavy … <\/p>\n

Continue reading “EUR\/USD Looks to Continue its Run after Tuesday\u2019s Key Movement”<\/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-3759","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3759","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=3759"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3759\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}