{"id":5427,"date":"2009-12-21T11:54:10","date_gmt":"2009-12-21T16:54:10","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5427"},"modified":"2009-12-21T11:54:10","modified_gmt":"2009-12-21T16:54:10","slug":"eurusd-consolidates-above-friday-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/21\/eurusd-consolidates-above-friday-lows\/","title":{"rendered":"EUR\/USD Consolidates above Friday Lows"},"content":{"rendered":"

By Fast Brokers <\/strong>– The EUR\/USD is consolidating above Friday lows as the currency pair tries to form a new base during a trading session with little economic data.\u00a0 The EUR\/USD has taken a considerable hit this month due to a combination of deteriorating conditions in some EU member states and strong economic data releases from the U.S.\u00a0 The concept that the Fed will begin reigning in its alternative liquidity measures has led to a bull run in the Dollar, dragging the EUR\/USD below 1.45.\u00a0 The EUR\/USD sank below our previous 1st tier uptrend line in the process, which runs through July lows.\u00a0 Hence, if the EUR\/USD can\u2019t make a strong rally above what is now our 2nd tier uptrend line soon, the currency pair is exposing itself to the possibility of a more extensive contraction towards the psychological 1.40 level.\u00a0 Meanwhile, the newswires will heat back up tomorrow as investors receive a bit of data before Christmas.\u00a0 The EU will kick off the session with its GfK Consumer Climate figure, followed by Final GDP and Existing Home Sales from the U.S.\u00a0 Any disappointing economic data from the U.S. could help the EUR\/USD recover some of its December losses.\u00a0 However, more impressive data points could drag the currency pair lower as investors gain confidence in America\u2019s economic recovery.<\/p>\n

Technically speaking, we\u2019ve readjusted our downtrend lines to compensate for the EUR\/USD\u2019s most recent pullback.\u00a0 As we mentioned previously, if the currency pair doesn\u2019t pop back above our 2nd tier uptrend line we could be witnessing a technically significant reversal since our 2nd tier runs through July lows.\u00a0 Hence, the EUR\/USD could be in the midst of a more protracted downturn.\u00a0 We\u2019ve installed a new 1st tier uptrend line running through Friday\u2019s base to give investors an idea of an immediate-term support level.\u00a0 As for the topside, the EUR\/USD faces multiple downtrend lines along with technical barriers in the form of the psychological 1.45 level and 12\/16 highs.<\/p>\n

Present Price: 1.4356<\/p>\n

Resistances: 1.4386, 1.4412, 1.4430, 1.4447, 1.4475, 1.4504<\/p>\n

Supports: 1.4347, 1.4328, 1.4309, 1.4297, 1.4274, 1.4249, 1.4235<\/p>\n

Psychological: 1.45, 1.40, 1.50, October 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 consolidating above Friday lows as the currency pair tries to form a new base during a trading session with little economic data.\u00a0 The EUR\/USD has taken a considerable hit this month due to a combination of deteriorating conditions in some EU member states and strong economic data releases … <\/p>\n

Continue reading “EUR\/USD Consolidates above Friday Lows”<\/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-5427","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5427","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=5427"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5427\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}