{"id":7048,"date":"2010-02-23T11:49:12","date_gmt":"2010-02-23T16:49:12","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7048"},"modified":"2010-02-23T11:49:12","modified_gmt":"2010-02-23T16:49:12","slug":"eurusd-winning-streak-snapped-with-negative-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/02\/23\/eurusd-winning-streak-snapped-with-negative-data\/","title":{"rendered":"EUR\/USD Winning Streak Snapped with Negative Data"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD\u2019s run topped out and the currency pair has dropped quickly, sinking below 2\/22 lows in the wake of weaker than expected EU data.\u00a0 Germany\u2019s Ifo Business Climate number came in a point below analyst expectations.\u00a0 However, the more disconcerting release today is the huge decline in French Consumer Spending.\u00a0 The figure printed -2.1% lower than analyst expectations and is the weakest reading since October 2006.\u00a0 Negative fundamentals are certainly not what the EUR\/USD needs considering the extent of last week\u2019s downturn.\u00a0 \"\"<\/a>Investors responded abruptly by selling off the EUR\/USD and sending the EUR\/GBP on a large leg down.\u00a0 However, the EUR\/USD is still trading well above its psychological 1.35 level and previous February lows.\u00a0 Hence, the currency pair has an opportunity to consolidate and salvage some form of a near-term uptrend.\u00a0 Once again, the EUR\/USD\u2019s resilience will likely depend upon upcoming EU and U.S. data as well as developments in Greece and the other PIIGS economies.\u00a0 It will be interesting to see how the risk trade reacts to U.S. data.\u00a0 Should U.S. fundamentals print stronger than expected, this could place downward pressure on the EUR\/USD so long as EU data comes in weak.\u00a0 On the other hand, upbeat U.S. data could give investors confidence in the global economy and favor the risk trade.\u00a0 That being said, the FX markets are still very dynamic and a bit unpredictable.\u00a0 Hence, investors should continue to monitor activity in the EUR\/USD closely.<\/p>\n

Technically speaking, the EUR\/USD faces multiple downtrend lines considering the extent of this year\u2019s downturn in the currency pair.\u00a0 The EUR\/USD also has 2\/22 and 2\/23 highs serving as technical barriers should they be reached.\u00a0 As for the downside, the EUR\/USD has several uptrend lines serving as technical cushions along with 2\/19 and 2\/18 lows.\u00a0 Furthermore, the psychological 1.35 area could come back into play should it be tested.<\/p>\n

Present Price: 1.3549<\/p>\n

Resistances: 1.3572, 1.3592, 1.3612, 1.3632, 1.3652, 1.3679<\/p>\n

Supports:\u00a0 1.3542, 1.3526, 1.3511, 1.3493, 1.3473, 1.3453<\/p>\n

Psychological: February lows, 1.35<\/p>\n

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

(click 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\u2019s run topped out and the currency pair has dropped quickly, sinking below 2\/22 lows in the wake of weaker than expected EU data.\u00a0 Germany\u2019s Ifo Business Climate number came in a point below analyst expectations.\u00a0 However, the more disconcerting release today is the huge decline in French Consumer Spending.\u00a0 … <\/p>\n

Continue reading “EUR\/USD Winning Streak Snapped with Negative 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-7048","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7048","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=7048"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7048\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=7048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=7048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=7048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}