{"id":7250,"date":"2010-03-02T11:20:07","date_gmt":"2010-03-02T16:20:07","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7250"},"modified":"2010-03-02T11:20:07","modified_gmt":"2010-03-02T16:20:07","slug":"eurusd-bounces-following-retracement-below-feb-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/02\/eurusd-bounces-following-retracement-below-feb-lows\/","title":{"rendered":"EUR\/USD Bounces Following Retracement Below Feb Lows"},"content":{"rendered":"

The EUR\/USD is bouncing higher after falling beneath February lows.\u00a0 We recognize positive price movement across the board, particularly in gold and the Aussie.\u00a0 Such activity is likely due to a combination of oversold conditions and the 25 basis point hike by the RBA.\u00a0 The RBA\u2019s decision to pursue its hawkish monetary policy is a boost for the risk trade with Australia\u2019s economic fundamentals on track.\u00a0 However, uncertainty is still hanging over the EU and UK, meaning \"\"<\/a>downward pressures could kick in at any moment should negative debt-associated events occur.\u00a0 The ECB does have a monetary policy decision to make on Thursday.\u00a0 It\u2019s difficult to imagine the ECB exhibiting a tight monetary policy stance considering Greece\u2019s fiscal problems.\u00a0 Additionally, EU Flash CPI printed at 0.9%, a basis point below analyst expectations today.\u00a0 Hence, lagging price growth gives the ECB some breathing room to exert a looser policy stance.\u00a0 Meanwhile, it will be interesting to see whether the EUR\/USD can continue to hold its ground and build a base around 1.35.\u00a0 The EU will release Retail Sales data tomorrow.\u00a0 However, attention will likely be centered on the U.S. and UK with UK HPI and Services PMI data along with U.S. Services PMI and ADP Non-Farm Employment Change releases.\u00a0 U.S. employment data could prove to be the real market mover.\u00a0 Although, investors should keep in mind that the ADP number has been known to be unreliable in the past, and more emphasis will likely be placed on the headline figure on Friday.\u00a0 Regardless, activity could pick up with key data releases and monetary policy decisions on the way.<\/p>\n

Technically speaking, the EUR\/USD faces multiple downtrend lines along with 2\/26, 2\/23, and 2\/17 highs.\u00a0 As for the downside, the EUR\/USD has several uptrend lines serving as technical cushions along with intraday lows.\u00a0 Meanwhile, the psychological 1.35 area could continue to have an impact on price movements.<\/p>\n

Present Price: 1.3588<\/p>\n

Resistances: 1.3599, 1.3634, 1.3654, 1.3676, 1.3694, 1.3721<\/p>\n

Supports:\u00a0 1.3573, 1.3520, 1.3493, 1.3460, 1.3438, 1.3420<\/p>\n

Psychological: March 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":"

The EUR\/USD is bouncing higher after falling beneath February lows.\u00a0 We recognize positive price movement across the board, particularly in gold and the Aussie.\u00a0 Such activity is likely due to a combination of oversold conditions and the 25 basis point hike by the RBA.\u00a0 The RBA\u2019s decision to pursue its hawkish monetary policy is a … <\/p>\n

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