{"id":7086,"date":"2010-02-24T11:51:21","date_gmt":"2010-02-24T16:51:21","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7086"},"modified":"2010-02-24T11:51:21","modified_gmt":"2010-02-24T16:51:21","slug":"eurusd-balances-as-investors-await-bernanke","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/02\/24\/eurusd-balances-as-investors-await-bernanke\/","title":{"rendered":"EUR\/USD Balances as Investors Await Bernanke"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is balancing above 1.35 as investors await U.S. New Home Sales data along with Bernanke\u2019s testimony before Congress.\u00a0 It will be interesting to see what kind of impact the New Home Sales number has on the risk trade.\u00a0 With the EU still mired in fiscal worries strong home sales data could lead investors to the Dollar due to the comparative strength of the U.S. economy.\u00a0 However, should home sales print weak it remains to be seen whether investors would run to the Dollar in safety or continue to stabilize the EUR\/USD due to weakness in both economies.\u00a0 \"\"<\/a>The EU did have a bit of good news today with Industrial New Orders printing much stronger than expected while the previous release was revised higher.\u00a0 Hence, it appears a weaker Euro is spurring demand for EU goods, boosting manufacturing influenced data such as today.\u00a0 This could explain the upward momentum in the EUR\/GBP right now.\u00a0 As for Bernanke, should he by chance imply that the Fed is tightening its stance more than anticipated this could lead investors to the Greenback once again.\u00a0 On the other hand, should Bernanke commit to loose liquidity for the foreseeable future the risk trade may stabilize.\u00a0 Meanwhile, although gold registered a large bar down during the Asia trading session, the precious metal is stabilizing just below its highly psychological $1100\/oz level.\u00a0 That being said, investors should monitor activity in gold for a significant technical setback could lead investors to the Dollar due to their usual negative correlation.\u00a0 Although the EU will release German Unemployment Change and M3 data tomorrow, attention will likely remain focused on the U.S. with the continuation of Bernanke\u2019s testimony along with U.S. Core Durable Goods Orders and weekly Unemployment Claims.\u00a0 On the other hand, more positive EU data could be a welcome development for the Euro and provide further stability considering the behavior we\u2019ve witnessed in reaction to today\u2019s Industrial New Orders number.<\/p>\n

Technically speaking, the EUR\/USD faces multiple downtrend lines along with 2\/18, 2\/22, and 2\/23 highs.\u00a0 As for the downside, the EUR\/USD has several uptrend lines serving as technical cushions along with intraday, 2\/23 and 2\/18 lows.\u00a0 Furthermore, the psychological 1.35 area could continue to serve as a technical cushion should it be retested.<\/p>\n

Present Price: 1.3545<\/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 is balancing above 1.35 as investors await U.S. New Home Sales data along with Bernanke\u2019s testimony before Congress.\u00a0 It will be interesting to see what kind of impact the New Home Sales number has on the risk trade.\u00a0 With the EU still mired in fiscal worries strong home sales … <\/p>\n

Continue reading “EUR\/USD Balances as Investors Await Bernanke”<\/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-7086","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7086","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=7086"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7086\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=7086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=7086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=7086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}