{"id":5831,"date":"2010-01-13T10:59:05","date_gmt":"2010-01-13T15:59:05","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5831"},"modified":"2010-01-13T10:59:05","modified_gmt":"2010-01-13T15:59:05","slug":"eurusd-breaks-past-previous-january-highs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/13\/eurusd-breaks-past-previous-january-highs\/","title":{"rendered":"EUR\/USD Breaks Past Previous January Highs"},"content":{"rendered":"

By Fast Brokers <\/strong>– The EUR\/USD is setting new 2010 highs while creating some space between present price and the psychological 1.45 level as we witness weakness in the Dollar across the board.\u00a0 This week\u2019s improvement in Chinese Trade Balance data is likely the driving force behind a return to the risk trade, that and oversold conditions following the Dollar\u2019s December rally.\u00a0 Furthermore, the U.S. Trade Balance data revealed an encouraging improvement in imports, sparking speculation that global consumption is on the rebound.\u00a0 Therefore, it wouldn\u2019t be surprising to see solid U.S. Retail Sales data tomorrow.\u00a0 The question becomes whether the Dollar would rally or decline on such a development since the Greenback was strengthening with positive U.S. data last month.\u00a0 Meanwhile, investors are gearing up for the ECB\u2019s monetary policy meeting tomorrow.\u00a0 Comments from ECB members since the previous policy meeting haven\u2019t changed much.\u00a0 Therefore, it would be surprising to see the ECB keep its policy unchanged while exerting a bit more of a hawkish attitude during the press conference.\u00a0 Regardless, tomorrow\u2019s events could have an impact on the FX markets as the wires begin to heat up for the first time this year.<\/p>\n

Technically speaking, the EUR\/USD\u2019s movement beyond previous January highs is a positive development considering the currency pair has been consolidating around 1.45 for the last few trading sessions.\u00a0 Additionally, we recognize a breakout in the Cable along with upward movements in the Aussie and gold.\u00a0 Therefore, the EUR\/USD\u2019s correlations are all working in favor for the currency pair.\u00a0 However, the EUR\/USD still does face our 3rd and 4th tier downtrend lines along with 12\/16 and 12\/14 highs.\u00a0 As for the downside, the EUR\/USD has multiple uptrend lines serving as technical cushions along with 1\/12 lows and the psychological 1.45 area.<\/p>\n

Present Price: 1.4570<\/p>\n

Resistances: 1.4573, 1.4596, 1.4634, 1.4666, 1.4687, 1.4720<\/p>\n

Supports:\u00a0 1.4538, 1.4520, 1.4499, 1.4474, 1.4454, 1.4408<\/p>\n

Psychological: 1.45, December highs and January lows<\/p>\n

click to enlarge chart<\/em><\/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 setting new 2010 highs while creating some space between present price and the psychological 1.45 level as we witness weakness in the Dollar across the board.\u00a0 This week\u2019s improvement in Chinese Trade Balance data is likely the driving force behind a return to the risk trade, that and … <\/p>\n

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