{"id":4047,"date":"2009-09-28T11:05:37","date_gmt":"2009-09-28T16:05:37","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4047"},"modified":"2009-09-28T11:05:37","modified_gmt":"2009-09-28T16:05:37","slug":"eurusd-climbs-back-above-921-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/09\/28\/eurusd-climbs-back-above-921-lows\/","title":{"rendered":"EUR\/USD Climbs Back Above 9\/21 Lows"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is trading back above 9\/21 lows, recovering from earlier losses while avoiding a retest of 1.45.\u00a0 Meanwhile, the EUR\/GBP is trading off of intraday highs after touching .93.\u00a0 Therefore, the EUR\/USD is rebounding with a broad-based dip in the Dollar rather than thriving off of the Euro\u2019s relative strength.\u00a0 We may continue to see the EUR\/USD behave more closely to its correlations throughout the week rather than relying on economic data and the ECB\u2019s comparatively hawkish stance.\u00a0 Since the EU will be releasing only scattered, light-weight data throughout the week, investors will price the EUR\/USD more on last week\u2019s stream of negatively mixed data.\u00a0 The wave of PMI data was disappointing and Germany\u2019s Ifo Business Climate number was nothing to cheer about.\u00a0 We are noticing a pullback in overall global economic data, and it appears stimulus measures may begin to wear off.\u00a0 Therefore, we are entering a key phase of the recovery.\u00a0 It is uncertain whether the global economy can continue on its present growth track sans stimulus.<\/p>\n

Due to the lack of EU economic data this week, the EUR\/USD will rely upon the performance of U.S., British, and Japanese economic data.\u00a0 Therefore, the EUR\/USD should ultimately follow the path of U.S. equities and gold.\u00a0 We are beginning to disfavor U.S. equities while the GBP\/USD and USD\/JPY continue to make clear commitments to longer-term downtrends.\u00a0 The relative strength in the EUR\/USD could gradually deteriorate if the currency pair\u2019s positive correlations don\u2019t cooperate.\u00a0 Hence, we maintain our neutral outlook trend-wise on the EUR\/USD until we get a clearer indication of where markets are headed or a change in monetary policy behavior from the ECB.\u00a0 Tomorrow will be a busy day data-wise in other parts of the world.\u00a0 The U.S. will release some important consumer and housing data while Britain will print a wave of its own.\u00a0 Should tomorrow\u2019s econ data disappoint, we could see a test of 1.45 rather quickly.<\/p>\n

Technically speaking, our 1st tier uptrend line plays an important role over the immediate-term.\u00a0 Since the 1st tier runs through 9\/09 lows, a failure of this trend line suggests a reversal to the psychological 1.45 area.\u00a0 As for the topside, we notice multiple downtrend lines bearing on price along with Friday\u2019s highs.\u00a0 Meanwhile, we are in the midst of multiple trend line inflection points, indicating a spike in volatility over the next 24-48 hours.\u00a0 Hence, a test of 1.45 could be in the works and the EUR\/USD appears to be favoring the downside.<\/p>\n

Present Price: 1.4640<\/p>\n

Resistances: 1.4656, 1.4677, 1.4703, 1.4724, 1.4745<\/p>\n

Supports: 1.4634, 1.4611, 1.4580, 1.4563, 1.4541, 1.4519<\/p>\n

Psychological: 1.45<\/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 trading back above 9\/21 lows, recovering from earlier losses while avoiding a retest of 1.45.\u00a0 Meanwhile, the EUR\/GBP is trading off of intraday highs after touching .93.\u00a0 Therefore, the EUR\/USD is rebounding with a broad-based dip in the Dollar rather than thriving off of the Euro\u2019s relative strength.\u00a0 … <\/p>\n

Continue reading “EUR\/USD Climbs Back Above 9\/21 Lows”<\/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-4047","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4047","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=4047"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4047\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}