{"id":7653,"date":"2010-03-17T14:08:43","date_gmt":"2010-03-17T18:08:43","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7653"},"modified":"2010-03-17T14:08:43","modified_gmt":"2010-03-17T18:08:43","slug":"eurusd-cools-after-setting-new-march-highs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/17\/eurusd-cools-after-setting-new-march-highs\/","title":{"rendered":"EUR\/USD Cools After Setting New March Highs"},"content":{"rendered":"

By Fast Brokers <\/strong>– The EUR\/USD has eased after breaking through previous March highs during the Asia trading session.\u00a0 The EUR\/USD participated in the risk rally stemming from the Fed\u2019s decision to maintain its loose monetary policy for the foreseeable future.\u00a0 The central bank\u2019s continued dovish language prompted a pullback across the board.\u00a0 The EUR\/USD also derived some of its upward momentum from Standard & Poor\u2019s removing Greece from its watch list and reaffirmed the country\u2019s BBB+ credit rating in the process.\u00a0 All that being said, the EUR\/USD hasn\u2019t logged the type of gains over the past 24 hours as we\u2019ve seen in the Cable and Aussie.\u00a0 The Euro\u2019s relative weakness is highlighted by today\u2019s hefty pullback in the EUR\/GBP.\u00a0 The EUR\/USD\u2019s upward momentum is likely being restrained by the lack of details provided by the EU\u2019s finance ministers in regards to their plan for extending a lifeline to Greece should the nation\u2019s fiscal situation deteriorate further.\u00a0 Regardless, the EUR\/USD did climb through what are now our 1st and 2nd tier downtrend lines, which run through the 1.3950 area.\u00a0 Hence, technicals are beginning to work in favor of the EUR\/USD\u2019s medium-term outlook.\u00a0 The EU will be relatively quiet on the data front tomorrow despite the Current Account figure.\u00a0 Therefore, investors will likely remain focused on the U.S. with Chairman Bernanke\u2019s testimony due later today.\u00a0 The U.S. will also release CPI and weekly Unemployment Claims data tomorrow.\u00a0 Should CPI come in light like today\u2019s PPI while Unemployment Claims hover around 450k, this could benefit the risk trade in anticipation that the Fed will continue to pump liquidity into the U.S. economy, thereby weakening the Dollar.<\/p>\n

Technically speaking, the EUR\/USD faces multiple downtrend lines along with intraday and 3\/12 highs.\u00a0 The EUR\/USD has separated from our 1st tier downtrend line again, which runs through previous 2010 highs, or the 1.4575 area.\u00a0 Hence, techincals could be pointing in favor of a longer-term uptrend in the making.\u00a0 As for the downside, the EUR\/USD has several uptrend lines serving as technical cushions along with 3\/15 and 3\/10 lows.\u00a0 Meanwhile, the psychological 1.35 area is still serving a technical cushion while 1.40 serves as a key psychological barrier.<\/p>\n

Present Price: 1.3762<\/p>\n

Resistances: 1.3775, 1.3796, 1.3814, 1.3835, 1.3853, 1.3882<\/p>\n

Supports:\u00a0 1.3756, 1.3736, 1.3725, 1.3713, 1.3695, 1.3670<\/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 has eased after breaking through previous March highs during the Asia trading session.\u00a0 The EUR\/USD participated in the risk rally stemming from the Fed\u2019s decision to maintain its loose monetary policy for the foreseeable future.\u00a0 The central bank\u2019s continued dovish language prompted a pullback across the board.\u00a0 The EUR\/USD … <\/p>\n

Continue reading “EUR\/USD Cools After Setting New March Highs”<\/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-7653","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7653","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=7653"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7653\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=7653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=7653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=7653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}