{"id":5705,"date":"2010-01-07T11:22:05","date_gmt":"2010-01-07T16:22:05","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5705"},"modified":"2010-01-07T11:22:05","modified_gmt":"2010-01-07T16:22:05","slug":"eurusd-heads-lower-in-continued-consolidation","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/07\/eurusd-heads-lower-in-continued-consolidation\/","title":{"rendered":"EUR\/USD Heads Lower in Continued Consolidation"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is continuing its consolidative pattern despite sizable gains in gold.\u00a0 We recognize similar behavior in the GBP\/USD and the EUR\/GBP is moving sideways.\u00a0 Investors are digesting a wealth of news and data.\u00a0 Yesterday\u2019s U.S. ADP number and Services PMI both printed slightly below expectations while EU Industrial New Orders also disappointed.\u00a0 Additionally, today the EU released a negative set of Retail Sales data.\u00a0 Hence, the global economic recovery continues to materialize at a sluggish pace in the West.\u00a0 As for the East, China raised new bond issues by 4 basis points and investors are taking this as a signal that China may be more conservative monetarily in 2010.\u00a0 Additionally, Australia\u2019s Retail Sales came in hotter than anticipated.\u00a0 Therefore, the East continues to lead the global economic recovery.\u00a0 However, the U.S. did print an encouraging weekly Unemployment Claims number today, and attention remains focused on Friday\u2019s headline Unemployment Rate and Employment Change releases.\u00a0 If tomorrow\u2019s U.S. employment data impresses, we could see another leg down in the EUR\/USD since this week\u2019s EU data has been disappointing.\u00a0 On the other hand, discouraging employment data could add more weight to recent Fed Minutes hinting that the central bank is considering expanding its asset purchase program to keep the U.S. housing market afloat, a positive development for the EUR\/USD.\u00a0 For the time being the theme continues to be Dollar strength.<\/p>\n

Technically speaking, the EUR\/USD still faces multiple downtrend lines along with the psychological 1.45 level, 1\/05, 12\/23, and 12\/18 highs.\u00a0 Hence, some challenging near-term topside technicals are in place due to the EUR\/USD\u2019s downturn in December.\u00a0 As for the downside, the EUR\/USD has technical cushions in the form of our 1st and 2nd tier uptrend lines along with intraday and 1\/04 and 12\/22 lows.\u00a0 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 should U.S. data continue to outperform.\u00a0 On an encouraging note, the EUR\/USD is setting higher lows, creating the possibility of a new base.<\/p>\n

Present Price: 1.4343<\/p>\n

Resistances: 1.4356, 1.4390, 1.4418, 1.4439, 1.4458, 1.4484<\/p>\n

Supports: 1.4323, 1.4303, 1.4267, 1.4235, 1.4216<\/p>\n

Psychological: 1.45, 1.40, December and September Lows<\/p>\n

(click to enlarge)<\/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 continuing its consolidative pattern despite sizable gains in gold.\u00a0 We recognize similar behavior in the GBP\/USD and the EUR\/GBP is moving sideways.\u00a0 Investors are digesting a wealth of news and data.\u00a0 Yesterday\u2019s U.S. ADP number and Services PMI both printed slightly below expectations while EU Industrial New Orders … <\/p>\n

Continue reading “EUR\/USD Heads Lower in Continued Consolidation”<\/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-5705","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5705","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=5705"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5705\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}