{"id":6292,"date":"2010-01-27T10:32:04","date_gmt":"2010-01-27T15:32:04","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6292"},"modified":"2010-01-27T10:32:04","modified_gmt":"2010-01-27T15:32:04","slug":"eurusd-gravitates-towards-january-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/27\/eurusd-gravitates-towards-january-lows\/","title":{"rendered":"EUR\/USD Gravitates Towards January Lows"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD has dropped back towards January lows and our 2nd tier uptrend line as the Dollar consolidates across the board.\u00a0 Investors are waiting for new U.S. New Home Sales and the Fed\u2019s monetary policy decision.\u00a0 Extra weight has been placed on the Fed\u2019s monetary policy statement despite the expectation that the central bank will keep its policy unchanged.\u00a0 More government officials have been vocalizing their displeasure with Bernanke lately, so it will be interesting to see how the Fed reacts.\u00a0 Meanwhile, the EU will release German CPI and Unemployment Change data over the next 24 hours and this could move the Euro a bit.\u00a0 However, yesterday\u2019s stronger than expected EU data set hasn\u2019t had much of an influence over the Euro and the EUR\/GBP has reversed from earlier gains.\u00a0 Therefore, it\u2019s difficult to assume these upcoming data points from Germany will have much of an impact on the market unless the numbers swing dramatically in one direction or the other.\u00a0 Hence, focus should remain on the U.S. over the next 24-48 hours unless we get more news about China\u2019s monetary tightening.\u00a0 Speaking of China, the SCI was under selling pressure today as investors brace for the impact of a more hawkish monetary policy from the central bank.\u00a0 If Chinese equities continue to turn this could drag on U.S. equities as well.<\/p>\n

Technically speaking, the EUR\/USD faces topside technical barriers in the form of multiple downtrend lines along with 1\/25 highs.\u00a0 As for the downside, the EUR\/USD has our 1st and 2nd tier uptrend lines serving as technical cushions along with previous January lows and the psychological 1.40 level should it be tested.\u00a0 Our 1st tier uptrend line could carry some weight since it runs through some April 2009 lows.\u00a0 That being said, a failure of our 1st tier could send a fairly negative signal considering April 2009 lows are around the 1.30.<\/p>\n

Present Price: 1.4057<\/p>\n

Resistances: 1.4078, 1.4096, 1.4118, 1.4152, 1.4174, 1.4193<\/p>\n

Supports:\u00a0 1.4045, 1.4015, 1.3981, 1.3950, 1.3929, 1.3900<\/p>\n

Psychological: 1.40, January 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 dropped back towards January lows and our 2nd tier uptrend line as the Dollar consolidates across the board.\u00a0 Investors are waiting for new U.S. New Home Sales and the Fed\u2019s monetary policy decision.\u00a0 Extra weight has been placed on the Fed\u2019s monetary policy statement despite the expectation that … <\/p>\n

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