{"id":4617,"date":"2009-11-09T11:31:43","date_gmt":"2009-11-09T16:31:43","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4617"},"modified":"2009-11-09T11:31:43","modified_gmt":"2009-11-09T16:31:43","slug":"eurusd-tests-1-50-amid-broad-based-dollar-weakness","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/09\/eurusd-tests-1-50-amid-broad-based-dollar-weakness\/","title":{"rendered":"EUR\/USD Tests 1.50 Amid Broad-Based Dollar Weakness"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Dollar\u2019s odd, negative reaction to Friday\u2019s surge in the U.S. Unemployment Rate has carried through strongly into Monday\u2019s session. We\u2019re seeing broad-based Dollar weakness as well as a gold breaking through its psychological $1100\/oz level. Additionally, the S&P futures are trading up by nearly 1% pre-market, likely a reaction to the weakening Greenback. Friday\u2019s discouraging U.S. unemployment data supported the belief that the Fed will not be able to tighten liquidity for quite some time. In fact, this weekend\u2019s G20 meeting concluded with the group of nations stating they will keep the liquidity flowing until further confirmation of an economic recovery. Such unity hasn\u2019t been seen since all of the central banks acted together when reducing rates and implementing their respective stimulus packages. This statement of solidarity is renewing investor confidence which has been struck by recent speculation that more central banks will follow Australia\u2019s lead. As a result, investors are feeling more comfortable about getting back into riskier vehicles, and the EUR\/USD is clearly reaping some of the benefits.<\/p>\n

The EUR\/USD is also being driven higher by impressive Industrial Production data from Germany (2.7% vs 1.2% expected). Investors will receive ZEW Economic Sentiment tomorrow. Should the ZEW data print better than expected, the EUR\/USD might have enough momentum to carry though 1.50 and October highs. Technically speaking, the psychological 1.50 area proved to be a worth psychological barrier back in October. Therefore, it will be interesting to see how the currency pair interacts with 1.50 this time around. Meanwhile, the EUR\/USD could be on the cusp of a more extensive topside breakout considering how close the currency pair is trading to our new 2nd and 3rd tier downtrend lines. These downtrend lines run through October highs. Hence, investors should keep a close eye on these trend lines since a movement beyond these barriers could indicate heightened upward momentum for the immediate-term. As for the downside, we\u2019ve shifted our downtrend lines to compensate for today\u2019s topside activity. The EUR\/USD still has multiple uptrend lines serving as technical cushions to go along with intraday and 11\/6 lows.<\/p>\n

Present Price: 1.5001<\/p>\n

Resistances: 1.5013, 1.5036, 1.5049, 1.5062, 1.5085, 1.5127, 1.5146<\/p>\n

Supports: 1.4994, 1.4983, 1.4966, 1.4947, 1.4927, 1.4909, 1.4895<\/p>\n

Psychological: 1.50, October Highs<\/p>\n

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

Market Commentary<\/strong><\/em> <\/span>provided by <\/span>Fast Brokers<\/strong><\/span><\/span>.<\/a><\/p>\n

Disclaimer:<\/strong> <\/span>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> <\/span>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 Dollar\u2019s odd, negative reaction to Friday\u2019s surge in the U.S. Unemployment Rate has carried through strongly into Monday\u2019s session. We\u2019re seeing broad-based Dollar weakness as well as a gold breaking through its psychological $1100\/oz level. Additionally, the S&P futures are trading up by nearly 1% pre-market, likely a reaction to … <\/p>\n

Continue reading “EUR\/USD Tests 1.50 Amid Broad-Based Dollar Weakness”<\/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-4617","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4617","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=4617"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4617\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}