{"id":7349,"date":"2010-03-05T12:09:26","date_gmt":"2010-03-05T17:09:26","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7349"},"modified":"2010-03-05T12:09:26","modified_gmt":"2010-03-05T17:09:26","slug":"eurusd-dips-in-reaction-to-u-s-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/05\/eurusd-dips-in-reaction-to-u-s-data\/","title":{"rendered":"EUR\/USD Dips in Reaction to U.S. Data"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is heading lower in the wake of stronger than expected U.S. employment data.\u00a0 The Non-Farm Employment Change came in at -36k, 20k above expectations.\u00a0 Additionally, the headline Unemployment Rate held steady at 9.7% while analysts were expecting a basis point increase to 9.8%.\u00a0 The initial reaction was a Dollar positive since improvements in U.S. employment stokes speculation that the Fed could tighten sooner rather than later.\u00a0 However, investors are supporting the risk trade right now and it will be interesting to see how the trading session plays out.\u00a0 Meanwhile, tensions are building in Greece as the government looks to pass its aggressive austerity package.\u00a0 Although most of the EU has welcomed Greece\u2019s intent to reduce its debt, Merkel is still not wavering.\u00a0 Hence, even though investor uncertainty is beginning to subside the political conflict is still disconcerting.\u00a0 German Factory Orders data was impressive today, printing 2.7% hotter than anticipated.\u00a0 More positive EU economic data helps cool the flames created by Greece and other fiscally troubled European nations.\u00a0 The EUR\/USD has managed to hold above its psychological 1.35 level thus far, and it will be interesting to see if the currency pair can continue to form a base above February lows.\u00a0 Data is done for the week, meaning currencies will likely play off of U.S. employment data for the remainder of the trading session.\u00a0 The EU will start off the week with Industrial Production on Monday.\u00a0 Though the next week is relatively light on the data front, there remains the possibility of new psychological flares from indebted nations.<\/p>\n

Technically speaking, the EUR\/USD faces multiple downtrend lines along with 3\/3and 2\/26 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: 1.3554<\/p>\n

Resistances: 1.3557, 1.3574, 1.3589, 1.3606, 1.3619, 1.3654<\/p>\n

Supports:\u00a0 1.3542, 1.3528, 1.3511, 1.3494, 1.3460, 1.3436<\/p>\n

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

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(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 heading lower in the wake of stronger than expected U.S. employment data.\u00a0 The Non-Farm Employment Change came in at -36k, 20k above expectations.\u00a0 Additionally, the headline Unemployment Rate held steady at 9.7% while analysts were expecting a basis point increase to 9.8%.\u00a0 The initial reaction was a Dollar … <\/p>\n

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