{"id":4888,"date":"2009-11-18T11:36:29","date_gmt":"2009-11-18T16:36:29","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4888"},"modified":"2009-11-18T11:36:29","modified_gmt":"2009-11-18T16:36:29","slug":"eurusd-trades-lower-as-investors-await-more-data-2","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/18\/eurusd-trades-lower-as-investors-await-more-data-2\/","title":{"rendered":"EUR\/USD Trades Lower as Investors Await More Data"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD managed to bottom out at our 3rd tier uptrend line yesterday despite a pop in sell-side activity in reaction to more negative U.S. economic data.\u00a0 The EUR\/USD continues to trade primarily off of its last important data releases, Friday\u2019s disappointing GDP data points.\u00a0 However, the EUR\/USD is strengthening again today in the face of a surprisingly negative EU Current Account release, indicating an increase in import demand.\u00a0 Additionally, the U.S. released a set of negative housing numbers combined with slightly positive CPI data.\u00a0 Regardless of the continuation of negatively mixed data, the Dollar continues to indicate a preference for its downtrend.\u00a0 We should note that both the EUR\/USD and AUD\/USD have been strongly correlated with gold this year, yet haven\u2019t participated in the precious metal\u2019s most recent rally past $1100\/oz.\u00a0 Therefore, the EUR\/USD may be gaining correlative support from gold, countering the impact from more disappointing EU economic data.\u00a0 Lastly, the wave of negative U.S. econ data further supports the anticipation that the Fed will maintain a loose monetary policy for the foreseeable future, thereby weighing on the value of the Dollar.\u00a0 The EU data wire will be relatively quiet until Friday\u2019s German PPI release, meaning the currency pairs immediate-term performance may rest on the performance of U.S. equities and their reaction to tomorrow\u2019s weekly Unemployment Claims release.<\/p>\n

Technically speaking, the EUR\/USD still faces multiple downtrend lines along with the highly psychological 1.50 level and previous November highs.\u00a0 However, 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 Unfortunately for bulls, the EUR\/USD was negated by our 3rd tier downtrend line and 1.50 on Monday, telling us the 1.50 zone continues to have a psychological impact on the currency pair.\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

Present Price: 1.4927<\/p>\n

Resistances: 1.4942, 1.4952, 1.4967, 1.4992, 1.5018, 1.5036, 1.5049<\/p>\n

Supports: 1.4919, 1.4905, 1.4883, 1.4856, 1.4825, 1.4813<\/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 managed to bottom out at our 3rd tier uptrend line yesterday despite a pop in sell-side activity in reaction to more negative U.S. economic data.\u00a0 The EUR\/USD continues to trade primarily off of its last important data releases, Friday\u2019s disappointing GDP data points.\u00a0 However, the EUR\/USD is strengthening again … <\/p>\n

Continue reading “EUR\/USD Trades Lower as Investors Await More Data”<\/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-4888","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4888","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=4888"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4888\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}