{"id":5624,"date":"2010-01-04T09:47:53","date_gmt":"2010-01-04T14:47:53","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5624"},"modified":"2010-01-04T09:47:53","modified_gmt":"2010-01-04T14:47:53","slug":"eurusd-climbs-with-broad-dollar-weakness","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/04\/eurusd-climbs-with-broad-dollar-weakness\/","title":{"rendered":"EUR\/USD Climbs with Broad Dollar Weakness"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD has popped off our 2nd tier uptrend line and is trying to set a bottom above December lows as the Dollar experiences broad-based weakness.\u00a0 Equity markets are looking up for the first trading session of 2010 and investors are favoring the risk trade after encouraging economic data from Britain.\u00a0 The improvement in Britain\u2019s Manufacturing PMI and Net Lending to Individuals yielded a pop in both the Cable and the EUR\/USD with investors regaining confidence in the global economic recovery.\u00a0 The U.S. has ISM Manufacturing PMI data on deck, which could also prove to be a market mover.\u00a0 Speaking of Manufacturing PMI, China\u2019s beat analyst estimates on January 1st, showing the recovery in the world\u2019s 3rd largest economy has not slowed.\u00a0 Although investors will receive another wave of data tomorrow, including the EU\u2019s CPI Flash Estimate, more attention will likely be paid to America\u2019s ADP Non-Farm Employment Change.\u00a0 Most of the excitement in the Dollar can be attributed to America\u2019s turnaround in employment data.\u00a0 Hence, investors will likely focus in on Wednesday\u2019s ADP release.<\/p>\n

Technically speaking, the EUR\/USD still faces multiple downtrend lines along with the psychological 1.45 level, 12\/29, 12\/23, and 12\/18 highs.\u00a0 Hence, some challenging near-term topside technicals are in place due to the EUR\/USD\u2019s December downturn.\u00a0 As for the downside, the EUR\/USD has technical cushions in the form of our 1st (off chart) and 2nd tier uptrend lines along with intraday and 12\/22 lows.\u00a0 However, the EUR\/USD is still trading well below our 3rd tier uptrend line that runs through July lows, meaning the currency pair could be in for more losses over the medium-term towards the psychological 1.40 area should economic data outside of the U.S. continue to recover.<\/p>\n

Present Price: 1.4392<\/p>\n

Resistances: 1.4401, 1.4430, 1.4454, 1.4478, 1.4509, 1.4540<\/p>\n

Supports: 1.4371, 1.4348, 1.4323, 1.4303, 1.4272, 1.42464187<\/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 has popped off our 2nd tier uptrend line and is trying to set a bottom above December lows as the Dollar experiences broad-based weakness.\u00a0 Equity markets are looking up for the first trading session of 2010 and investors are favoring the risk trade after encouraging economic data from Britain.\u00a0 … <\/p>\n

Continue reading “EUR\/USD Climbs with Broad Dollar Weakness”<\/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-5624","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5624","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=5624"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5624\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}