{"id":6336,"date":"2010-01-28T12:36:57","date_gmt":"2010-01-28T17:36:57","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6336"},"modified":"2010-01-28T12:36:57","modified_gmt":"2010-01-28T17:36:57","slug":"eurusd-fluctuates-around-1-40","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/28\/eurusd-fluctuates-around-1-40\/","title":{"rendered":"EUR\/USD Fluctuates Around 1.40"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD has been fluctuating around its psychological 1.40 level as invertors digest the Fed\u2019s monetary policy statement, Obama\u2019s State of the Union Address, and today\u2019s mixed bag of U.S. economic data.\u00a0 While Bernanke and the Fed played it safe and kept its policy in neutral, volatility really picked up during Obama\u2019s State of the Union Address.\u00a0 The EUR\/USD initially headed south to intra-session lows, but the risk trade rallied as Obama spoke and addressed the financial industry with a slap on the wrist and this encouraged investors that his proposed regulation may not be as constrictive as previously thought.\u00a0 However, the impact from Obama\u2019s speech should wear off by the beginning of next week.\u00a0 Meanwhile, the U.S.released weaker than expected Unemployment Claims and Durable Goods data.\u00a0 These negative releases tack onto yesterday\u2019s disappointing New Home Sales number, signaling the U.S. economy\u2019s recovery is progressing very slowly.\u00a0 On a bright note, the Core DGO number printed above analyst expectations, showing durable goods purchases excluding autos picked up.\u00a0 In fact, the strong core number is probably limiting weakness in the EUR\/USD right now as the Dollar wobbles.\u00a0 In addition to today\u2019s U.S. data releases, the EU printed a Germany Unemployment Change figure which topped analyst expectations, a positive development for the Euro.\u00a0 However, the Euro is still underperforming, as highlighted by another downturn in the EUR\/GBP.\u00a0 That being said, it seems mixed EU econ data combined with worries surrounding Greece\u2019s economy are continuing to weigh down on the currency.\u00a0 The EU will release CPI and Money Supply data tomorrow to go along with the headline Unemployment Rate.\u00a0 Although focus will likely remain on the U.S. as it releases its Advance GDP.\u00a0 Meanwhile, even though the EUR\/USD is sinking lower the AUD\/USD and GBP\/USD have firmed up over the past 24 hours, so it will be interesting to see how the Dollar reacts to tomorrow\u2019s news.<\/p>\n

Technically speaking, the EUR\/USD faces topside technical barriers in the form of multiple downtrend lines along with 1\/27 and 1\/25 highs.\u00a0 As for the downside, the EUR\/USD has our 1st tier uptrend line serving as technical cushions along with previous January lows.\u00a0 Our 1st and 2nd tier uptrend lines could carry some weight since they run 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: 1.3989<\/p>\n

Resistances: 1.4028, 1.4069, 1.410, 1.4135, 1.4174<\/p>\n

Supports:\u00a0 1.3981, 1.3950, 1.3929, 1.3900, 1.3876, 1.3833<\/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 been fluctuating around its psychological 1.40 level as invertors digest the Fed\u2019s monetary policy statement, Obama\u2019s State of the Union Address, and today\u2019s mixed bag of U.S. economic data.\u00a0 While Bernanke and the Fed played it safe and kept its policy in neutral, volatility really picked up during … <\/p>\n

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