{"id":5221,"date":"2009-12-10T12:29:28","date_gmt":"2009-12-10T17:29:28","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5221"},"modified":"2009-12-10T12:29:28","modified_gmt":"2009-12-10T17:29:28","slug":"eurusd-consolidates-along-with-risk-trade","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/10\/eurusd-consolidates-along-with-risk-trade\/","title":{"rendered":"EUR\/USD Consolidates Along With Risk Trade"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is continuing its balancing act along our 2nd tier uptrend line as bulls look to keep the currency pair above November lows.\u00a0 Investor confidence has improved a bit today after Australia\u2019s employment data topped analyst expectations.\u00a0 Australia\u2019s recovery has given investors renewed confidence in the risk trade, resulting weakness in both the Dollar and Yen.\u00a0 The EUR\/USD has benefitted from today\u2019s development, and is attempting to build a new base after the selling pressure inflicted so far this month.\u00a0 Meanwhile, the EU remains quiet on the data front, leaving the spotlight on tomorrow\u2019s econ data releases from China and the U.S.\u00a0 China will print a set of key data during tomorrow\u2019s Asia trading session, including Industrial Production and Trade Balance figures.\u00a0 Continual improvement in China\u2019s economic performance could give a much needed boost to the risk trade, buoying the EUR\/USD as a result. Afterwards, investors will be honing in on U.S. Retail Sales and UoM Consumer Sentiment data.\u00a0 Since U.S. employment data took a turn for the better last Friday, investors will be watching to see if the uptick in employment resulted in greater consumption.\u00a0 However, it will be interesting to see what impact tomorrow\u2019s U.S. econ data has on the Dollar should it print positively.\u00a0 Last Friday the Greenback underwent a large wave of appreciation in reaction to the employment data as investors speculated that the Fed may raise rates sooner than expected.\u00a0 Therefore, investors should monitor the Dollar\u2019s reaction to tomorrow\u2019s data releases carefully.<\/p>\n

Technically speaking, our 1st and 2nd tier uptrend lines may carry some weight since they run through September and August lows, respectfully.\u00a0 Hence, if the EUR\/USD doesn\u2019t move higher from its developing base the currency pair could be in for another wave of near-term selling pressure.\u00a0 That being said, the EUR\/USD still does have our 1st and 2nd tier uptrend lines serving as technical cushions along with November lows.\u00a0 Should conditions deteriorate, the EUR\/USD could find solid support in the form of its psychological 1.45 area and October lows.\u00a0 As for the topside, the EUR\/USD is building near-term topside barriers as it weakens.\u00a0 The EUR\/USD faces multiple downtrend lines along with 12\/07 highs and the psychological 1.50 level.\u00a0 Therefore, it seems near-term topside technicals outweigh supports, meaning there remains a downward pressure on the EUR\/USD.\u00a0 As a result, investors should monitor the behavior of gold and the S&P futures as investors await Friday\u2019s wave of economic data.<\/p>\n

Present Price: 1.4724<\/p>\n

Resistances: 1.4738, 1.4759, 1.4780, 1.4812, 1.4841<\/p>\n

Supports: 1.4724, 1.4701, 1.4682, 1.4669, 1.4650, 1.4640, 1.4628<\/p>\n

Psychological: 1.45, 1.50, November 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 is continuing its balancing act along our 2nd tier uptrend line as bulls look to keep the currency pair above November lows.\u00a0 Investor confidence has improved a bit today after Australia\u2019s employment data topped analyst expectations.\u00a0 Australia\u2019s recovery has given investors renewed confidence in the risk trade, resulting weakness … <\/p>\n

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