{"id":5942,"date":"2010-01-18T13:01:57","date_gmt":"2010-01-18T18:01:57","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5942"},"modified":"2010-01-18T13:01:57","modified_gmt":"2010-01-18T18:01:57","slug":"eurusd-consolidates-amid-light-activity","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/18\/eurusd-consolidates-amid-light-activity\/","title":{"rendered":"EUR\/USD Consolidates Amid Light Activity"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is consolidating above Friday lows as markets take a breather after last week\u2019s large pullback in the Euro.\u00a0 We notice the EUR\/GBP and gold are hunkering within their trading ranges as well, implying investors are waiting for further fundamental data before making a more definitive directional decision.\u00a0 The EU will release its ZEW Economic Sentiment data tomorrow along with UK CPI and an Inflation Letter from the BoE.\u00a0 Furthermore, we\u2019ve got a slew of important data from the U.S and China on Wednesday.\u00a0 Hence, activity could really pick up as the week progresses and we could witness a break in the EUR\/USD from the comfort of its trading range.\u00a0 That being said, although the EUR\/USD has had a downward inclination lately, the currency pair has managed to bottom above 1\/8 lows and our 2nd tier uptrend line.\u00a0 Therefore, the EUR\/USD has the potential to pop back into its uptrend should upcoming fundamentals support the risk trade.\u00a0 On the other hand, the EUR\/USD is presently hovering close to some key technical supports.\u00a0 Therefore, the currency pair could take another sizable step down should technicals deteriorate further.<\/p>\n

Technically speaking, the EUR\/USD has bottomed nicely above 1\/8 lows and our 2nd tier uptrend line.\u00a0 Hence, although the uptrend is presently in a weak state it\u2019s still in play.\u00a0 That being said, the EUR\/USD has our 1st and 2nd tier uptrend lines serving as technical cushions along with December \u201909 lows should they be tested.\u00a0 Our 1st tier uptrend line runs through January lows.\u00a0 Hence, a failure of our 1st tier could yield a more protracted leg down.\u00a0 As for the topside, the EUR\/USD faces multiple downtrend lines along with 1\/7, 1\/5, and 1\/14 highs.\u00a0 Furthermore, the psychological 1.45 level could serve as a technical obstacle should it be tested.
\nPresent Price: 1.4372<\/p>\n

Resistances: 1.4400, 1.4427, 1.4460, 1.4474, 1.4499, 1.4520<\/p>\n

Supports:\u00a0 1.4351, 1.4328, 1.4310, 1.4295, 1.4270, 1.4233<\/p>\n

Psychological: 1.45, December highs and January 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 consolidating above Friday lows as markets take a breather after last week\u2019s large pullback in the Euro.\u00a0 We notice the EUR\/GBP and gold are hunkering within their trading ranges as well, implying investors are waiting for further fundamental data before making a more definitive directional decision.\u00a0 The EU … <\/p>\n

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