{"id":5505,"date":"2009-12-24T09:03:32","date_gmt":"2009-12-24T14:03:32","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5505"},"modified":"2009-12-24T09:03:32","modified_gmt":"2009-12-24T14:03:32","slug":"eurusd-rises-towards-weekly-highs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/24\/eurusd-rises-towards-weekly-highs\/","title":{"rendered":"EUR\/USD Rises Towards Weekly Highs"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is logging solid gains so far today as we witness broad-based profit taking the Dollar.\u00a0 Gold is back above $1100\/oz and the EUR\/GBP has popped towards .90, indicating relative strength in the Euro.\u00a0 The Euro\u2019s strength comes despite yesterday\u2019s weaker than expected French Consumer Spending data.\u00a0 Investors are instead focusing on weaker than expected U.S. New Home Sales, Revised UoM Consumer Sentiment, and Personal Spending.\u00a0 The pullback in U.S. economic data has given investors the opportunity to lock in recent Dollar gains as confidence in the U.S. economy wanes.\u00a0 That being said, investors will receive more key U.S. data today in the form of Durable Goods Orders and weekly Unemployment Claims.\u00a0 If today\u2019s U.S. econ data also print below analyst expectations this could fuel the Dollar present pullback and allow the EUR\/USD to hop back above 12\/18 highs.\u00a0 Meanwhile, the EU is on holiday for the rest of the week for Christmas, and trading should die down as the U.S. trading session wears on.<\/p>\n

Technically speaking, the EUR\/USD faces technical barriers in the form of our 3rd and 4th tier downtrend lines along with the psychological 1.45 level.\u00a0 Bulls will be looking to get the EUR\/USD back above our 2nd tier uptrend line since it runs through July lows.\u00a0 That being said, the EUR\/USD could still be in the midst of a more extensive downturn if the currency pair doesn\u2019t surmount some topside technicals soon.\u00a0 The story will remain the performance of America\u2019s economy and whether fundamentals can continue their impressive recovery over the near-term.\u00a0 As for the downside, the EUR\/USD has technical cushions in the form of December and September lows along with the highly psychological 1.40 area should conditions deteriorate.<\/p>\n

Present Price: 1.4365<\/p>\n

Resistances: 1.4376, 1.4400, 1.4430, 1.4467, 1.4509<\/p>\n

Supports: 1.4348, 1.4322, 1.4304, 1.4286, 1.4266, 1.4246, 1.4218<\/p>\n

Psychological: 1.45, 1.40, December and September 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 logging solid gains so far today as we witness broad-based profit taking the Dollar.\u00a0 Gold is back above $1100\/oz and the EUR\/GBP has popped towards .90, indicating relative strength in the Euro.\u00a0 The Euro\u2019s strength comes despite yesterday\u2019s weaker than expected French Consumer Spending data.\u00a0 Investors are instead … <\/p>\n

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