{"id":7318,"date":"2010-03-04T12:14:05","date_gmt":"2010-03-04T17:14:05","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7318"},"modified":"2010-03-04T12:14:05","modified_gmt":"2010-03-04T17:14:05","slug":"eurusd-weakens-following-ecb-decision","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/04\/eurusd-weakens-following-ecb-decision\/","title":{"rendered":"EUR\/USD Weakens Following ECB Decision"},"content":{"rendered":"

The EUR\/USD is trading off of intraday highs after the ECB kept its benchmark intact and tightened some alternative liquidity measures as expected.\u00a0 Trichet also added that the ECB feels an IMF intervention to help Greece would be unwise.\u00a0 Speaking of Greece, citizens are protesting again, this time occupying a governmental financial building.\u00a0 \"\"<\/a>Today\u2019s protests come a day after Greece announced further austerity measures to pacify other EU members.\u00a0 Markets greeted Greece\u2019s new austerity measures positively by sending the EUR\/USD a leg higher.\u00a0 However, uncertainties remain in Greece, particularly how citizens well handle the deep budget cuts coming into effect.\u00a0 Additionally, there remains the possibility of similar debt issues popping up in Italy, Spain, and Portugal.\u00a0 Regardless, yesterday\u2019s rally in the EUR\/USD was encouraging, and the currency pair continues to consolidate above its highly psychological 1.35 area.\u00a0 Meanwhile, investors are awaiting U.S. Pending Home Sales and Factory Orders data.\u00a0 U.S. weekly Unemployment Claims printed a bit stronger than anticipated and productivity remains at a heightened level.\u00a0 The EU was quiet on the data wire today, leaving the ECB in the spotlight.\u00a0 Although the EU will release German Factory Orders data tomorrow, investors will likely focus on the U.S. with the release of Non-Farm Employment Change data along with the headline Unemployment Rate.\u00a0 The ADP number printed near expectations yesterday, though the advanced number has a reputation of being somewhat unreliable.\u00a0 That being said, the FX markets could end the trading week on a volatile note.<\/p>\n

Technically speaking, the EUR\/USD faces multiple downtrend lines along with 3\/3and 2\/17 highs.\u00a0 As for the downside, the EUR\/USD has several uptrend lines serving as technical cushions along with 3\/3, 2\/26, and 3\/1 lows.\u00a0 Meanwhile, the psychological 1.35 area could continue to have an impact on price movements.<\/p>\n

Present Price: 1.3632<\/p>\n

Resistances: 1.3641, 1.3654, 1.3676, 1.3694, 1.3709, 1.3724, 1.3737<\/p>\n

Supports:\u00a0 1.3619, 1.3606, 1.3589, 1.3574, 1.3557, 1.3542<\/p>\n

Psychological: March 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":"

The EUR\/USD is trading off of intraday highs after the ECB kept its benchmark intact and tightened some alternative liquidity measures as expected.\u00a0 Trichet also added that the ECB feels an IMF intervention to help Greece would be unwise.\u00a0 Speaking of Greece, citizens are protesting again, this time occupying a governmental financial building.\u00a0 Today\u2019s protests … <\/p>\n

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