{"id":3931,"date":"2009-09-21T11:27:44","date_gmt":"2009-09-21T16:27:44","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3931"},"modified":"2009-09-21T11:27:44","modified_gmt":"2009-09-21T16:27:44","slug":"eurusd-experiences-profit-taking-as-investors-await-pmi","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/09\/21\/eurusd-experiences-profit-taking-as-investors-await-pmi\/","title":{"rendered":"EUR\/USD Experiences Profit-Taking as Investors Await PMI"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is experiencing profit-taking as investors lock-in some gains.\u00a0 The lack of global economic data provides a great opportunity for profit-taking.\u00a0 We notice profit-taking across the board, from equities to crude to the Yen.\u00a0 Investors won\u2019t receive noteworthy econ data until Wednesday\u2019s rush of EU PMI data grouped with BoE and Fed monetary policy decisions.\u00a0 The Greenback\u2019s broad-based strength is not surprising, and a return to the Dollar is being encouraged by political and economic uncertainty in the U.S.\u00a0 Obama\u2019s popularity is waning as the U.S. President deals with financial and health care reform along with deteriorating conditions in Afghanistan.\u00a0 President Obama\u2019s honeymoon is certainly over, and U.S. citizens want results.\u00a0 Meanwhile, trade disputes with China are brewing in the background, stoking fears of global protectionism.\u00a0 However the central bank meetings and G20 summit provide perfect opportunities to improve psychology.\u00a0 Meanwhile, investors shouldn\u2019t forget that last week\u2019s round of data was impressive, particularly numbers from the U.S. and EU.\u00a0 Therefore, global economic fundamentals continue to strengthen, meaning the longer-term depreciation of the Dollar is still in play.\u00a0 Investors would need surprisingly negative outcomes from the central bank and G20 meetings this week coupled with weak economic data to reverse the positive tide.<\/p>\n

Meanwhile, the Euro continues to flex its relative strength due to the combination of positive EU econ data and the ECB\u2019s comparatively hawkish monetary stance.\u00a0 However, the EUR\/GBP has been on a tear lately, so further consolidation in this currency cross and slight weakness in the Euro wouldn\u2019t be surprising.\u00a0 We found last week\u2019s EU pricing and export data improved beyond expectations, supporting the ECB\u2019s monetary policy.\u00a0 Wednesday\u2019s PMI data should play an important role in extending the ECB\u2019s philosophy should the data outperform.\u00a0 We\u2019ve readjusted our uptrend lines to compensate for today\u2019s dip.\u00a0 The EUR\/USD remains comfortably above 9\/15 lows and our new 1st tier uptrend line.\u00a0 We find a recurrent theme across the markets regarding the importance of 9\/15 lows.\u00a0 Therefore, investors should keep an eye on 9\/15 lows in gold, crude, and the S&P futures.\u00a0 The protection of the EUR\/USD\u2019s 9\/15 lows and our 1st tier uptrend line could spell the difference between a minor setback and a more protracted decline.\u00a0 The 9\/15 lows carry further importance for the EUR\/USD since they also represent a retest of the 1.45 psychological level.<\/p>\n

Present Price: 1.4644<\/p>\n

Resistances: 1.4656, 1.4678, 1.4703, 1.4724, 1.4745<\/p>\n

Supports: 1.4627, 1.4609, 1.4590, 1.4568, 1.4551<\/p>\n

Psychological: 1.45, 1.50<\/p>\n

\"\"<\/a><\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong><\/span><\/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 experiencing profit-taking as investors lock-in some gains.\u00a0 The lack of global economic data provides a great opportunity for profit-taking.\u00a0 We notice profit-taking across the board, from equities to crude to the Yen.\u00a0 Investors won\u2019t receive noteworthy econ data until Wednesday\u2019s rush of EU PMI data grouped with BoE … <\/p>\n

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