{"id":7564,"date":"2010-03-15T08:22:40","date_gmt":"2010-03-15T13:22:40","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7564"},"modified":"2010-03-15T08:22:40","modified_gmt":"2010-03-15T13:22:40","slug":"eurusd-consolidates-following-fridays-pop","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/15\/eurusd-consolidates-following-fridays-pop\/","title":{"rendered":"EUR\/USD Consolidates Following Friday\u2019s Pop"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is consolidating after logging key gains on Friday.\u00a0 Although the movement wasn\u2019t large pip-wise, the EUR\/USD peaked through our 1st-3rd downtrend lines and briefly traded above 12\/17 highs.\u00a0 As we mentioned in our previous analysis, our medium-term downtrend line (now our 1st tier) runs through January highs, or the 1.4575 area.\u00a0 Hence, Friday\u2019s gains could signal a more lasting uptrend taking shape.\u00a0 Additionally, our 2nd and 3rd tier downtrend lines run through the 1.39 zone.\u00a0 Therefore, both near-term and medium-term technicals are beginning to work in favor of the EUR\/USD.\u00a0 The currency pair has built up a solid base over the past month, creating what could be a solid support system should things go awry.\u00a0 The Cable is in the midst of similar trend setting movements, meaning the risk trade could be a confirmation away from establishing a new near-term uptrend.\u00a0 However, there are some key economic events on deck, so we will have to see whether fundamentals support Friday\u2019s technical breakout.\u00a0 The U.S. will remain in focus today with the Empire Index, Capacity Utilization, Industrial Production, and TIC Long-Term Purchases.\u00a0 If today\u2019s data tacks onto Friday\u2019s encouraging Retail Sales data then the risk trade could receive another top-side boost.\u00a0 Tomorrow the EU will release ZEW Economic Sentiment and CPI.\u00a0 It will be interesting to see whether the recent uptrend in CPI continues.\u00a0 If so this could benefit the Euro since investors may find it hard to rationalize additional liquidity injects from the ECB.\u00a0 The Fed is on deck Tuesday, meaning volatility could really heat up.\u00a0 Investors will be looking to see if there is a change in the central bank\u2019s language regarding its loose monetary policy for the foreseeable future.<\/p>\n

Technically speaking, the EUR\/USD faces multiple downtrend lines along with 3\/12 and 2\/9 highs.\u00a0 As for the downside, the EUR\/USD has several uptrend lines serving as technical cushions along with 3\/12 and 3\/10 lows.\u00a0 Meanwhile, the psychological 1.35 area becomes a technical cushion while 1.40 serves as a key psychological barrier.<\/p>\n

Present Price: 1.3750<\/p>\n

Resistances: 1.3756, 1.3775, 1.3796, 1.3813, 1.3834, 1.3857<\/p>\n

Supports:\u00a0 1.3728, 1.3713, 1.3691, 1.3672, 1.3654, 1.3637<\/p>\n

Psychological: March and February Lows, 1.35, 1.40, February highs<\/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":"

By Fast Brokers – The EUR\/USD is consolidating after logging key gains on Friday.\u00a0 Although the movement wasn\u2019t large pip-wise, the EUR\/USD peaked through our 1st-3rd downtrend lines and briefly traded above 12\/17 highs.\u00a0 As we mentioned in our previous analysis, our medium-term downtrend line (now our 1st tier) runs through January highs, or the … <\/p>\n

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