{"id":5452,"date":"2009-12-22T10:32:08","date_gmt":"2009-12-22T15:32:08","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5452"},"modified":"2009-12-22T10:32:08","modified_gmt":"2009-12-22T15:32:08","slug":"eurusd-battles-for-a-base","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/22\/eurusd-battles-for-a-base\/","title":{"rendered":"EUR\/USD Battles for a Base"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is fighting to consolidate above Friday lows with the intention of a building a new base following last week\u2019s heavy pullback.\u00a0 The EU\u2019s GfK Consumer Confidence data printed roughly 10% below analyst expectations earlier in the session, sighting consumer concern over rising energy prices and high unemployment.\u00a0 Today\u2019s setback in consumer confidence marks the 3rd straight drop from September highs.\u00a0 However, it remains to be seen whether the downturn in consumer confidence is a symptom of a slow recovery or the beginning for a more lasting contraction.\u00a0 While today\u2019s weak GfK number would presumably result in further EUR\/USD losses, the currency pair is holding up relatively well since U.S. Final GDP just printed 6 basis points below analyst expectations.\u00a0 Should U.S. Existing Home Sales also disappoint, then we may witness a broad-based pullback in the Dollar as confidence surrounding America\u2019s economic recovery takes a bit of a hit.\u00a0 The EU will enter the data wire again tomorrow with the release of French Consumer Spending.\u00a0 However, investors will likely be focused on the BoE\u2019s monetary policy minutes followed by U.S. New Home Sales and Personal Spending.\u00a0 That being said, we could witness some volatility in the FX markets due to a combination of key data releases and lower volume as investors take off for Christmas vacation.<\/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 towards the psychological 1.40 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: 1.4303<\/p>\n

Resistances: 1.4316, 1.4335, 1.4365, 1.4386, 1.4412, 1.4430<\/p>\n

Supports: 1.4286, 1.4266, 1.4249, 1.4232, 1.4217, 1.4205, 1.4187<\/p>\n

Psychological: 1.45, 1.40, October Lows<\/p>\n

\"\"<\/a><\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong>.<\/a><\/p>\n

Disclaimer:<\/strong> 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> 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 fighting to consolidate above Friday lows with the intention of a building a new base following last week\u2019s heavy pullback.\u00a0 The EU\u2019s GfK Consumer Confidence data printed roughly 10% below analyst expectations earlier in the session, sighting consumer concern over rising energy prices and high unemployment.\u00a0 Today\u2019s setback … <\/p>\n

Continue reading “EUR\/USD Battles for a Base”<\/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-5452","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5452","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=5452"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5452\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}