{"id":4264,"date":"2009-10-13T10:49:37","date_gmt":"2009-10-13T15:49:37","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4264"},"modified":"2009-10-13T10:49:37","modified_gmt":"2009-10-13T15:49:37","slug":"eurusd-pops-past-september-highs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/10\/13\/eurusd-pops-past-september-highs\/","title":{"rendered":"EUR\/USD Pops Past September Highs"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD has broken through our 3rd tier downtrend line and consequently September highs.\u00a0 Though the currency pair is trading off of intraday highs, today\u2019s move will likely prove to be an important step for the beginning of a new leg up.\u00a0 Our 3rd tier is the final foreseeable downtrend line for the near future.\u00a0 Therefore, barring a large immediate reversal, the EUR\/USD may have finally broken loose of its top-end constraints.\u00a0 Today\u2019s positive movement comes despite weaker than expected ZEW Consumer Sentiment data.\u00a0 The ZEW numbers are a noticeable setback concerning the future of the economic recovery.\u00a0 Today\u2019s data reflects the spotted cool down appearing in econ releases around the globe.\u00a0 The EUR\/USD\u2019s strength in light of today\u2019s news contradicts rationality and reinforces the inherently negative investor sentiment surrounding the U.S. Dollar.<\/p>\n

Despite today\u2019s topside progress the EUR\/USD still has a bit of a rough patch to deal with between present price and the highly psychological 1.50 level before immediate-term gains can truly accelerate.\u00a0 Meanwhile, the EUR\/USD\u2019s near-term fate likely rests upon the shoulders of 3rd quarter earnings results and important U.S. econ data over the next two days, including Retail Sales and Core CPI.\u00a0 If U.S. earnings and econ data both top expectations then the EUR\/USD may receive the boost it needs to top 1.50.\u00a0 On the other hand, any significant setbacks could undermine today\u2019s progress and cap near-term gains.<\/p>\n

As we mentioned previously, the EUR\/USD\u2019s pop past our 3rd tier downtrend line and September highs sends a bullish signal.\u00a0 Although 1.50 wouldn\u2019t be a cakewalk, recent breakouts in gold and the Aussie leave the Euro with quite a bit of room to make up.\u00a0 As for the downside, the EUR\/USD has plenty of cushions, beginning with our fresh 1st tier uptrend line and ending with our 4th tier uptrend line and weekly lows (10\/13, 10\/12, 10\/7, 10\/5).\u00a0 As for the topside, the EUR\/USD faces technical barriers in the form of 8\/21\/08 and 8\/13\/08 highs along with the psychological 1.50 level.\u00a0 The EU will release Industrial Production tomorrow, yet the EUR\/USD\u2019s upcoming movements will likely depend on the performance of the U.S.<\/p>\n

Present Price: 1.4858<\/p>\n

Resistances: 1.4881, 1.4905, 1.4946, 1.4981, 1.5013, 1.5052<\/p>\n

Supports: 1.4842, 1.4823, 1.4794, 1.4769, 1.4743, 1.4719<\/p>\n

Psychological: September Highs, 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 has broken through our 3rd tier downtrend line and consequently September highs.\u00a0 Though the currency pair is trading off of intraday highs, today\u2019s move will likely prove to be an important step for the beginning of a new leg up.\u00a0 Our 3rd tier is the final foreseeable downtrend line … <\/p>\n

Continue reading “EUR\/USD Pops Past September Highs”<\/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-4264","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4264","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=4264"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4264\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}