{"id":5058,"date":"2009-12-02T11:23:10","date_gmt":"2009-12-02T16:23:10","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5058"},"modified":"2009-12-02T11:23:10","modified_gmt":"2009-12-02T16:23:10","slug":"eurusd-consolidates-ahead-of-adp-data-and-ecb-meeting","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/02\/eurusd-consolidates-ahead-of-adp-data-and-ecb-meeting\/","title":{"rendered":"EUR\/USD Consolidates Ahead of ADP Data and ECB Meeting"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is consolidating following yesterday\u2019s solid gains in reaction to encouraging Chinese Manufacturing PMI data in conjunction with a 25 basis point increase from the RBA.\u00a0 Meanwhile, gold has broken past its psychological $1200\/oz level and the S&P futures are holding strong above their own highly psychological 1100 level.\u00a0 Therefore, the EUR\/USD\u2019s positive correlations are creating an environment conductive for another leg up in the currency pair.\u00a0 However, investors are presently waiting upon America\u2019s ADP Non-Farm Unemployment Change number due this morning.\u00a0 A tough employment market has been a thorn in America\u2019s side during its economic recovery.\u00a0 In a noteworthy development, last week\u2019s Unemployment Claims finally dipped below their psychological 500k level.\u00a0 Hence, a smaller than expected decline in today\u2019s ADP figure could result in a pop in the risk trade.\u00a0 On the other hand, sluggish ADP data could drag the EUR\/USD back towards its psychological 1.50 level.<\/p>\n

In addition to today\u2019s ADP Non-Farm Unemployment Change data, Euro investors are eagerly awaiting tomorrow\u2019s ECB meeting.\u00a0 Trichet had a more hawkish tone at the central bank\u2019s last press conference.\u00a0 Therefore, it will be interesting to see whether the ECB maintains this tone or even delivers a shock be extracting some of its alternative liquidity measures.\u00a0 Either way, there is a bit of uncertainty heading into tomorrow\u2019s meeting, meaning we could witness sizable volatility over the next 24-48 hours, especially considering the U.S. will announce its headline Unemployment Rate on Friday.<\/p>\n

Technically speaking, the EUR\/USD has created some space between present price and the psychological 1.50 level.\u00a0 The currency pair has cleared October highs once again and could take a shot at November highs.\u00a0 That being said, investors should monitor the EUR\/USD\u2019s interaction with our 3rd tier downtrend line and 11\/25 highs should they be tested.\u00a0 A breakout beyond these two technical barriers could yield a more accelerated upward movement.\u00a0 As for the downside, the EUR\/USD has multiple uptrend lines serving as technical cushions along with intraday lows and the psychological 1.50 level.<\/p>\n

Present Price: 1.5087<\/p>\n

Resistances: 1.5107, 1.5117, 1.5133, 1.5154, 1.5168, 1.5117, 1.5133<\/p>\n

Supports: 1.5071, 1.5064, 1.5045, 1.5027, 1.5015, 1.4988, 1.4977<\/p>\n

Psychological: 1.50, November 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 EUR\/USD is consolidating following yesterday\u2019s solid gains in reaction to encouraging Chinese Manufacturing PMI data in conjunction with a 25 basis point increase from the RBA.\u00a0 Meanwhile, gold has broken past its psychological $1200\/oz level and the S&P futures are holding strong above their own highly psychological 1100 level.\u00a0 Therefore, … <\/p>\n

Continue reading “EUR\/USD Consolidates Ahead of ADP Data and ECB Meeting”<\/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-5058","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5058","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=5058"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5058\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}