{"id":6864,"date":"2010-02-16T12:25:50","date_gmt":"2010-02-16T17:25:50","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6864"},"modified":"2010-02-16T12:25:50","modified_gmt":"2010-02-16T17:25:50","slug":"eurusd-fluctuates-with-finance-ministers-choosing-to-wait-and-see","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/02\/16\/eurusd-fluctuates-with-finance-ministers-choosing-to-wait-and-see\/","title":{"rendered":"EUR\/USD Fluctuates with Finance Ministers Choosing to Wait and See"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is fluctuating above Monday lows as investors digest the EU\u2019s plan to take a wait and see approach with Greece.\u00a0 The finance ministers have decided to give Greece a 30-day window to prove it can implement its plan to reduce its outstanding debt.\u00a0 If Greece\u2019s actions prove insufficient, the ministers hinted they may apply further debt-reduction measures.\u00a0 In all, the EU is choosing to give Greece a chance while allowing financial markets to settle.\u00a0 However, should the situation go awry volatility could return quickly.\u00a0 Therefore, the EU is leaving itself a bit exposed by choosing a more passive approach to dealing with the situation.\u00a0 On the other hand, should Greek bond yields calm in the next 30-days and the EU approve of the government\u2019s austerity actions this could provide a boost of confidence to the Euro.\u00a0 In addition to today\u2019s news concerning Greece, EU economic sentiment data printed mixed.\u00a0 Although Germany\u2019s economic sentiment number came in stronger than anticipated, the headline EU figure disappointed.\u00a0 Hence, although confidence concerning Germany\u2019s economy is holding strong, debt concerns in Greece, Portugal and Spain are clearly weighing on the EU region.\u00a0 Meanwhile, investors are awaiting the Empire Manufacturing Index and TIC Long-Term Purchases data from the U.S.\u00a0\u00a0\u00a0 It will be interesting to see whether the EUR\/USD can continue to consolidate and even build some upward momentum considering the FX market volatility as of late.\u00a0 On a positive note, the EUR\/USD is within striking range of our 3rd tier downtrend line which runs through February highs, or the 1.40 area.\u00a0 Hence, a large positive shift in investor sentiment has the capability of yielding some strong near-term gains in the EUR\/USD.\u00a0 However, debt concerns continue to weigh on the Euro for the time being\/<\/p>\n

Technically speaking, the EUR\/USD faces topside technical barriers in the form of multiple downtrend lines along with intraday, 2\/8 and 2\/11 highs.\u00a0 As for the downside, the EUR\/USD has multiple uptrend lines serving as technical cushions along with 2\/15 and 2\/12\u00a0 lows and the psychological 1.35 level should it be tested.<\/p>\n

Present Price: 1.3650<\/p>\n

Resistances: 1.3664, 1.3693, 1.3721, 1.3747, 1.3766, 1.3799<\/p>\n

Supports:\u00a0 1.3639, 1.3617, 1.3592, 1.3577, 1.3550, 1.3526<\/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 fluctuating above Monday lows as investors digest the EU\u2019s plan to take a wait and see approach with Greece.\u00a0 The finance ministers have decided to give Greece a 30-day window to prove it can implement its plan to reduce its outstanding debt.\u00a0 If Greece\u2019s actions prove insufficient, the … <\/p>\n

Continue reading “EUR\/USD Fluctuates with Finance Ministers Choosing to Wait and See”<\/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-6864","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/6864","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=6864"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/6864\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=6864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=6864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=6864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}