{"id":4927,"date":"2009-11-20T12:17:16","date_gmt":"2009-11-20T17:17:16","guid":{"rendered":"http:\/\/countingpips.com\/fx\/2009\/11\/20\/eurusd-pulls-back-with-u-s-equities\/"},"modified":"2009-11-20T12:17:16","modified_gmt":"2009-11-20T17:17:16","slug":"eurusd-pulls-back-with-u-s-equities","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/20\/eurusd-pulls-back-with-u-s-equities\/","title":{"rendered":"EUR\/USD Pulls Back with U.S. Equities"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD briefly traded beneath 11\/17 lows before stabilizing as we witness a broad based strengthening of the Dollar in reaction to a dip in the S&P futures below their psychological 1100 level.\u00a0 The wave of disconcerting data points from the past couple weeks appears to finally be taking its toll on investor confidence.\u00a0 U.S. and British housing and consumption data has been disappointing lately, indicating a slowdown in the pace of their respective economic recoveries.\u00a0 Furthermore, although the EU data-wire has been relatively quiet this week, last Friday\u2019s EU GDP data left something to be desired.\u00a0 On a positive note for the Euro, ECB President Trichet made some straightforward comments in his press conference today in regards to the ECB\u2019s intent to start tightening liquidity.\u00a0 Although Trichet was a bit vague in terms of exactly which measures the central bank plans on reigning in, his language today seemed a bit more pro-active than the last ECB press conference.\u00a0 As a result, the EUR\/USD is holding up rather well today and the Euro\u2019s relative strength is highlighted by a solid upturn today in the EUR\/GBP.\u00a0 Although EU data was light this week, the European Union will kickoff next week with a wave of Flash PMI numbers along with more dialogue from Trichet.\u00a0 Investors saw encouraging improvements in the last set of EU Flash data, particularly from France.\u00a0 Any further strength in Monday\u2019s PMI numbers could combine with today\u2019s hawkish statements from the ECB to help buoy the EUR\/USD should the S&P\u2019s present pullback accelerate.<\/p>\n

Technically speaking, we\u2019ve readjusted our uptrend lines to account for recent weakness.\u00a0 That being said, the EUR\/USD still has a few more solid uptrend lines sitting nearby as technical cushions should the broad-based strengthening of the Dollar continue.\u00a0 However, a failure of our new 1st and 2nd tier uptrend lines could result in more near-term accelerate losses since they run through November and October lows.\u00a0 As for the topside, recent weakness in the EUR\/USD has created a few more technical barriers, including multiple downtrend lines along with 11\/20, 11\/18, and 11\/16 highs.\u00a0 Furthermore, the 1.50 level continues to have a strong psychological presence.\u00a0 Meanwhile, investors should monitor the S&P\u2019s ability to stay around its psychological 1100 level, for if losses accelerate the EUR\/USD may follow suit due to their positive correlations.<\/p>\n

Present Price: 1.4833<\/p>\n

Resistances: 1.4859, 1.4882, 1.4904, 1.4919, 1.4943, 1.4967, 1.4983<\/p>\n

Supports: 1.4824, 1.4813, 1.4796, 1.4781, 1.4763, 1.4738<\/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 briefly traded beneath 11\/17 lows before stabilizing as we witness a broad based strengthening of the Dollar in reaction to a dip in the S&P futures below their psychological 1100 level.\u00a0 The wave of disconcerting data points from the past couple weeks appears to finally be taking its toll … <\/p>\n

Continue reading “EUR\/USD Pulls Back with U.S. Equities”<\/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-4927","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4927","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=4927"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4927\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}