{"id":6750,"date":"2010-02-11T11:42:30","date_gmt":"2010-02-11T16:42:30","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6750"},"modified":"2010-02-11T11:42:30","modified_gmt":"2010-02-11T16:42:30","slug":"eurusd-weakens-in-wake-of-positive-u-s-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/02\/11\/eurusd-weakens-in-wake-of-positive-u-s-data\/","title":{"rendered":"EUR\/USD Weakens in Wake of Positive U.S. Data"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is pulling back after U.S. Unemployment Claims came in at 440k, 20k below analyst estimates.\u00a0 The stronger than expected U.S. employment data is sending investors towards the Dollar as an EU resolution for Greece becomes more certain.\u00a0 Although the details of the plan haven\u2019t been revealed yet, the Euro seems to be selling off on the news since the concept of EU relief was priced into the currency earlier this week.\u00a0 Meanwhile, we notice a pullback in gold as well, indicating that investors are opting to be risk-averse right now.\u00a0\u00a0 On that note, the risk trade did receive a bit of good news during the Asia trading session.\u00a0 Australian employment data printed stronger than analyst expectations and China\u2019s CPI data was cooler than estimates.\u00a0 Hence, the RBA has more incentive to maintain a tight monetary stance while China may feel less pressure to tighten liquidity at this point in time.\u00a0 Both developments are positive for the risk trade.\u00a0 However, debt issues in the EU have ignited investor uncertainty which is bearing down on risk right now.\u00a0 Although the EU has been quiet on the economic data front this week, it will reenter the fray tomorrow by releasing German Prelim GDP along with EU Flash GDP and Industrial Production.\u00a0 Strong economic data could help the EUR\/USD regain its footing whereas a weak showing could lead to a retest of February lows.\u00a0 Meanwhile, investors should keep an eye on broad-based activity in the Dollar and gold as investors digest the EU\u2019s decision to aid Greece.<\/p>\n

Technically speaking, the EUR\/USD faces topside technical barriers in the form of multiple downtrend lines along with intraday and 2\/9 highs.\u00a0 Our 2nd tier could carry some weight since it runs through 2\/3 highs and the 1.40 area.\u00a0 As for the downside, the EUR\/USD has multiple uptrend lines serving as technical cushions along with 2\/5 lows and the psychological 1.35 level should it be tested.<\/p>\n

Present Price: 1.3670<\/p>\n

Resistances: 1.3693, 1.3721, 1.3744, 1.3773, 1.3806, 1.3841<\/p>\n

Supports:\u00a0 1.3640, 1.3610, 1.3587, 1.3563, 1.3533, 1.35<\/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 EUR\/USD is pulling back after U.S. Unemployment Claims came in at 440k, 20k below analyst estimates.\u00a0 The stronger than expected U.S. employment data is sending investors towards the Dollar as an EU resolution for Greece becomes more certain.\u00a0 Although the details of the plan haven\u2019t been revealed yet, the Euro … <\/p>\n

Continue reading “EUR\/USD Weakens in Wake of Positive U.S. Data”<\/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-6750","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/6750","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=6750"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/6750\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=6750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=6750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=6750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}