{"id":6387,"date":"2010-01-29T13:05:55","date_gmt":"2010-01-29T18:05:55","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6387"},"modified":"2010-01-29T13:05:55","modified_gmt":"2010-01-29T18:05:55","slug":"eurusd-glides-lower-as-investors-snap-up-dollar","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/29\/eurusd-glides-lower-as-investors-snap-up-dollar\/","title":{"rendered":"EUR\/USD Glides Lower as Investors Snap up Dollar"},"content":{"rendered":"

By Fast Brokers <\/strong>– The EUR\/USD is heading lower today as investors snap up the Dollar across the board in reaction to stronger than expected U.S. economic data.\u00a0 U.S. Advance GDP printed 1.2% above analyst expectations, spurring a Dollar buying spree due to the comparative outperformance of America\u2019s economy.\u00a0 In addition to the positive GDP number the U.S. also released better than expected Chicago PMI and Revised UoM Consumer Sentiment Data.\u00a0 The all around impressive U.S. data has sent the Dollar higher across the board while gold drops beneath $1075\/oz.\u00a0 Therefore, the EUR\/USD\u2019s correlations are sending sell signals.\u00a0 However, today\u2019s session has already been incredibly volatile and we\u2019ll have to see how the remainder of the day plays out.\u00a0 Meanwhile, the Euro is flexing a been of a relative strength today as EU officials come to the defense of Greece while attempting to negate speculation that Greece may need to leave the union.\u00a0 That being said, the EU could be working on a bailout package to help ready the ship for a debt scare in Greece could spread to larger struggling nations such as Spain and Portugal.\u00a0 Greece has already seen its bond interest rates fly higher this week and the EU may need to make a decision soon to prevent the weakness from spreading.\u00a0 Therefore, investors should keep a wary eye on the newsier and monitor the EUR\/USD for any sudden jerks while data releases are absent.\u00a0 Speaking of data, the EU will be relatively quiet on the data wire next week until Thursday\u2019s ECB meeting.\u00a0 Therefore, activity in the currency pair should continue to flow with broad-based Dollar movements unless there is another key development concerning Greece.<\/p>\n

Technically speaking, the EUR\/USD faces topside technical barriers in the form of multiple downtrend lines along with 1\/28 and 1\/25 highs.\u00a0 As for the downside, the EUR\/USD has our 1st tier uptrend line (off scree) 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 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: 1.3924<\/p>\n

Resistances: 1.3964, 1.3992, 1.4030, 1.4051, 1.4100, 1.4135<\/p>\n

Supports:\u00a0 1.3902, 1.3876, 1.3850, 1.3822, 1.3796, 1.3756<\/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 is heading lower today as investors snap up the Dollar across the board in reaction to stronger than expected U.S. economic data.\u00a0 U.S. Advance GDP printed 1.2% above analyst expectations, spurring a Dollar buying spree due to the comparative outperformance of America\u2019s economy.\u00a0 In addition to the positive GDP … <\/p>\n

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