{"id":3786,"date":"2009-09-14T10:46:45","date_gmt":"2009-09-14T15:46:45","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3786"},"modified":"2009-09-14T10:46:45","modified_gmt":"2009-09-14T15:46:45","slug":"eurusd-balances-with-upward-momentum-intact","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/09\/14\/eurusd-balances-with-upward-momentum-intact\/","title":{"rendered":"EUR\/USD Balances with Upward Momentum Intact"},"content":{"rendered":"

By Fast Brokers <\/strong>– The EUR\/USD is gravitating around the psychological 1.45 area as we suspected may happen.\u00a0 However, the EUR\/USD is recovering quickly from losses earlier today by bouncing off of our 2nd tier uptrend line.\u00a0 Meanwhile, our 3rd tier uptrend line is reaching an inflection point with our makeshift 1st tier downtrend line.\u00a0 We say makeshift because the best we could do to form a downtrend line was to connect through last week\u2019s highs.\u00a0 We notice interest is waning on the sell-side, and the lack of convincing downward momentum keeps the EUR\/USD\u2019s new near-term uptrend alive and well.\u00a0 The Euro\u2019s relative strength is back in 1st gear with a large bounce taking place in the EUR\/GBP.\u00a0 However, we find little reasoning behind the move since Britain\u2019s economic data outperformed the EU\u2019s last week.\u00a0 Perhaps are speculating the BoE may keep the gates of liquidity open.<\/p>\n

The EU will gradually re-enter the econ. data headlines following a very quiet week.\u00a0 The first key release will be tomorrow\u2019s ZEW Economic Sentiment data.\u00a0 Analysts are expecting continual improvement in sentiment regarding the EU\u2019s economy.\u00a0 This wouldn\u2019t be surprising considering the latest wave of econ. data from the EU was positive.\u00a0 Tomorrow\u2019s ZEW data will be accompanied by employment data from Britain along with pricing data from the U.S.\u00a0 The FX markets sprung back to life last week after the official end to summer.\u00a0 We\u2019ve seen volatility increase across the board and we expect price movements to pick up as Autumn nears.\u00a0 Last week\u2019s breakout to the topside was a key technical movement, and we have little reason to alter our positive near-term outlook on the EUR\/USD.\u00a0 A seismic reversal to the downside would require large setbacks in global economic data along with technically significant declines in U.S. equities.\u00a0 However, the global stimulus packages are still impacting the economy, so we don\u2019t expect the legitimacy of the EUR\/USD\u2019s uptrend to be brought into question until 3rd quarter earnings season rolls around.<\/p>\n

December 2008 highs should serve as an intermediate technical barrier to the topside should they be tested.\u00a0 Meanwhile, 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

Present Price: 1.4580<\/p>\n

Resistances: 1.4591, 1.4607, 1.4639, 1.4672, 1.4710<\/p>\n

Supports: 1.4550, 1.4534, 1.4518, 1.4506, 1.4494<\/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 gravitating around the psychological 1.45 area as we suspected may happen.\u00a0 However, the EUR\/USD is recovering quickly from losses earlier today by bouncing off of our 2nd tier uptrend line.\u00a0 Meanwhile, our 3rd tier uptrend line is reaching an inflection point with our makeshift 1st tier downtrend line.\u00a0 … <\/p>\n

Continue reading “EUR\/USD Balances with Upward Momentum Intact”<\/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-3786","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3786","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=3786"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3786\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}