{"id":6685,"date":"2010-02-09T12:29:41","date_gmt":"2010-02-09T17:29:41","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6685"},"modified":"2010-02-09T12:29:41","modified_gmt":"2010-02-09T17:29:41","slug":"eurusd-climbs-in-speculation-eu-to-take-action","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/02\/09\/eurusd-climbs-in-speculation-eu-to-take-action\/","title":{"rendered":"EUR\/USD Climbs in Speculation EU to Take Action"},"content":{"rendered":"

By Fast Brokers<\/strong> – The risk trade ran with speculation that the EU plans to take action in regards to Greece\u2019s troublesome fiscal situation.\u00a0 Trichet cut a trip to Australia short to return for an EU meeting this week, igniting speculation that the EU will be proactive in sorting out Greece\u2019s troubles.\u00a0 However, such a deduction seems highly speculative and investors may not want to read too far into Trichet\u2019s actions at this point in time.\u00a0 That being said, it appears the risk trade was looking for any excuse to bounce considering the extent of last week\u2019s decline.\u00a0 Hence, the EUR\/USD is still lodged in its downtrend and may need more concrete fundamental and\/or psychological evidence to turn a corner.\u00a0 The data wire will begin to pick up during tomorrow\u2019s Asia trading session with Australia releasing Home Loans data followed by New Loans and Trade Balance data from China.\u00a0 Additionally, the EU will release French Industrial Production and the U.S. will print its own Trade Balance numbers.\u00a0 Furthermore, the UK will publish its highly anticipated BoE Inflation Report accompanied by a public address from Mervyn King.\u00a0 Therefore, the FX markets have more than enough news and data to digest tomorrow and determine whether to take the present risk rally a step higher.<\/p>\n

Technically speaking, the EUR\/USD faces topside technical barriers in the form of multiple downtrend lines along with intraday and 2\/4 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 previous February lows.<\/p>\n

Present Price: 1.3732<\/p>\n

Resistances: 1.3744, 1.3773, 1.3806, 1.3831, 1.3861, 1.3895<\/p>\n

Supports:\u00a0 1.3721, 1.3693, 1.3664, 1.3640, 1.3610, 1.3658<\/p>\n

Psychological: February highs and 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 risk trade ran with speculation that the EU plans to take action in regards to Greece\u2019s troublesome fiscal situation.\u00a0 Trichet cut a trip to Australia short to return for an EU meeting this week, igniting speculation that the EU will be proactive in sorting out Greece\u2019s troubles.\u00a0 However, such a … <\/p>\n

Continue reading “EUR\/USD Climbs in Speculation EU to Take Action”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-6685","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/6685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=6685"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/6685\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=6685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=6685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=6685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}