{"id":6653,"date":"2010-02-08T13:02:04","date_gmt":"2010-02-08T18:02:04","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6653"},"modified":"2010-02-08T13:02:04","modified_gmt":"2010-02-08T18:02:04","slug":"eurusd-settles-following-last-weeks-tumultuous-activity","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/02\/08\/eurusd-settles-following-last-weeks-tumultuous-activity\/","title":{"rendered":"EUR\/USD Settles Following Last Week\u2019s Tumultuous Activity"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is settling and cooling as investors take a step back to revise their outlooks in the wake of last week\u2019s aggressive selloff in the risk trade.\u00a0 Trichet attempted to alleviate investor uncertainty by reassuring markets that the ECB and EU will make sure Greece takes care of its deteriorating fiscal situation.\u00a0 Meanwhile, the data wire is relatively quiet until China releases its New Loans and Trade Balance data.\u00a0 Hence, the FX markets have an opportunity to settle down over the next 24 hours should no new conditions flare up.\u00a0 However, unions in Greece are threatening to strike on Wednesday as the government announces its plans for reducing the nation\u2019s outstanding fiscal debt.\u00a0 Should unrest swell in Greece this could disrupt markets once again.\u00a0 That being said, the risk trade is still in a fragile state with downward pressure bearing down on the EUR\/USD.\u00a0 Meaning the EUR\/USD will likely need a positive turnaround in fundamental data or an optimistic psychological shift to counter current negative forces.\u00a0 The EU will remain quiet on the data wire until Friday\u2019s German Prelim GDP, implying the Euro could follow the path of the Dollar for the time being barring any significant developments regarding Greece.\u00a0 Speaking of EU data, Germany had a poor showing last week with Industrial Production and New Orders missing estimates.\u00a0 Hence, it will be interesting how Germany\u2019s Prelim GDP turns out at the end of the week.<\/p>\n

Technically speaking, the EUR\/USD faces topside technical barriers in the form of multiple downtrend lines along with intraday, 2\/5 highs.\u00a0 As for the downside, we\u2019ve created a few new uptrend lines to serve as technical cushions along the psychological 1.35 level and May 2009 lows.\u00a0 On a negative note, our uptrend lines now run through February 2009 levels, or the 1.27 area.\u00a0 Hence, the EUR\/USD\u2019s downturn this month could signal a more lasting, medium-term decline.<\/p>\n

Present Price: 1.3675<\/p>\n

Resistances: 1.3693, 1.3721, 1.3744, 1.3781, 1.3806, 1.3831<\/p>\n

Supports:\u00a0 1.3650, 1.3628, 1.3610, 1.3587, 1.3563<\/p>\n

Psychological: May 2009 lows, 1.35<\/p>\n

\"\"<\/a><\/p>\n

(click chart to enlarge)<\/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 settling and cooling as investors take a step back to revise their outlooks in the wake of last week\u2019s aggressive selloff in the risk trade.\u00a0 Trichet attempted to alleviate investor uncertainty by reassuring markets that the ECB and EU will make sure Greece takes care of its deteriorating … <\/p>\n

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