{"id":4838,"date":"2009-11-16T11:32:35","date_gmt":"2009-11-16T16:32:35","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4838"},"modified":"2009-11-16T11:32:35","modified_gmt":"2009-11-16T16:32:35","slug":"eurusds-rally-tops-out-just-below-1-50","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/16\/eurusds-rally-tops-out-just-below-1-50\/","title":{"rendered":"EUR\/USD\u2019s Rally Tops Out Just Below 1.50"},"content":{"rendered":"

By Fast Brokers <\/strong>– The EUR\/USD staged an encouraging rally on Friday, bouncing off our 2nd tier uptrend line as both gold and the S&P futures headed higher despite weaker than expected EU GDP data along with a disappointing UoM Consumer Sentiment number.\u00a0 However, the bounce has stalled at what is now our 2nd tier downtrend line and the EUR\/USD is confronting the highly psychological 1.50 area once again.\u00a0 Hesitation in the EUR\/USD comes in reaction to mixed U.S. Retail Sales data along with a weak reading from the Empire Index.\u00a0 The continuation of a negatively mixed data flow from the U.S. is deterring investors from sending the EUR\/USD beyond 1.50 and the S&P futures past 1100.\u00a0 As a result, the EUR\/USD appears stuck in a trading range between previous November highs and lows.\u00a0 That being said, the EUR\/USD has technical forces at work on both sides.<\/p>\n

Technically speaking, the EUR\/USD still faces our 2nd and 3rd downtrend lines along with the highly psychological 1.50 level and previous November highs.\u00a0 However, the topside barriers are wearing thin, and a breach beyond our 3rd tire downtrend line could result in a retest of November and October highs with the possibility of more accelerated immediate-term gains.\u00a0 As for the downside, the EUR\/USD has built up a solid support system considering the rally since November lows.\u00a0 Therefore, the EUR\/USD has multiple uptrend lines serving as technical cushions along with 11\/12 and 10\/27 lows.\u00a0 Meanwhile, investors should keep an eye on the S&P\u2019s interaction with its psychological 1100 level because a topside breakout in the S&P could bring the EUR\/USD along for the ride due to their positive correlation.<\/p>\n

The EU will be relatively quiet on the data side, leaving tomorrow\u2019s action up to British and American pricing data.\u00a0 The EU released CPI data in line with expectations today, yet investors have shown a muted reaction to the data release thus far.<\/p>\n

Present Price: 1.4962<\/p>\n

Resistances: 1.4967, 1.4992, 1.5011, 1.5019, 1.5046, 1.5060<\/p>\n

Supports: 1.4952, 1.4937, 1.4924, 1.4904, 1.4883, 1.4856<\/p>\n

Psychological: 1.50, November Highs and Lows<\/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 EUR\/USD staged an encouraging rally on Friday, bouncing off our 2nd tier uptrend line as both gold and the S&P futures headed higher despite weaker than expected EU GDP data along with a disappointing UoM Consumer Sentiment number.\u00a0 However, the bounce has stalled at what is now our 2nd tier … <\/p>\n

Continue reading “EUR\/USD\u2019s Rally Tops Out Just Below 1.50”<\/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-4838","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4838","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=4838"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4838\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}