{"id":7865,"date":"2010-03-23T12:36:10","date_gmt":"2010-03-23T16:36:10","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7865"},"modified":"2010-03-23T12:36:10","modified_gmt":"2010-03-23T16:36:10","slug":"eurusd-pops-higher-avoiding-retest-of-tuesday-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/23\/eurusd-pops-higher-avoiding-retest-of-tuesday-lows\/","title":{"rendered":"EUR\/USD Pops Higher, Avoiding Retest of Tuesday Lows"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is registering a solid pop as the risk trade heads higher in reaction to the U.S. data set.\u00a0 Existing Home Sales printed about in line with expectations, leading to slight speculation that the Fed will have to keep its monetary policy loose, a positive for many major Dollar pairs.\u00a0 Belgium\u2019s Business Climate figure also topped expectations, a positive data figure much in need for a reeling currency pair.\u00a0 The EUR\/USD is still being weighed down by the battle of words taking place in the EU.\u00a0 Everybody has been taking sides the last couple weeks with Greece stuck in the crossfire.\u00a0 Although a financial assistance resolution for Greece seems is becoming less likely this week, if the EU should bring something to the table this could cause a short-squeeze and benefit the risk trade as a whole.\u00a0 Divergence among EU leaders has taken a psychological toll on the Euro with even the relevance of the EU being thrown into question by some.\u00a0 However, we suggest investors not get too carried away and take a wait and see approach in regards to the EU\u2019s plan for Greece and the rest of the union\u2019s debt-laden nations.\u00a0 In the end it seems every nation is jockeying for position to get what they desire out of any pending resolution, as we witnessed between the U.S. Congress during healthcare negotiations.\u00a0 However, Greece does have some debt issuance coming in a month so a decision will have to be made sooner rather than later.\u00a0 Meanwhile, the UK will release its fiscal budget tomorrow and this could have an impact on the risk trade as a whole.\u00a0 Though nothing drastic is expecting with parliamentary elections on the way, should the UK present a lighter than expected budget this could aid the risk trade and abate concern about the UK\u2019s ballooning deficit.\u00a0 The EU will also release Germany\u2019s Ifo Business Climate figure tomorrow along with the closely watched Flash PMI data set.\u00a0 Positive EU data could help cool some of the flames emitting from Greece, whereas negative data could drag the EUR\/USD lower.\u00a0 The U.S. will also print DGO and New Home Sales data, meaning tomorrow could prove to be an active trading session.\u00a0 For the time being the EUR\/USD seems to be finding comfort in its psychological 1.35 area.<\/p>\n

Technically speaking, the EUR\/USD faces multiple downtrend lines along with intraday 2\/23, and 3\/19 highs.\u00a0 As for the downside, the EUR\/USD has several uptrend lines serving as technical cushions along with 3\/22 and 3\/5 lows.\u00a0 Meanwhile, the psychological 1.35 area could continue to serve as a solid technical cushion should it be tested.<\/p>\n

Present Price: 1.3535
\nResistances: 1.3568, 1.3605, 1.3626, 1.3654, 1.3628
\nSupports:\u00a0 1.3534, 1.3504, 1.3484, 1.3467, 1.3476, 1.3440
\nPsychological: March and February 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 regarded neither 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 registering a solid pop as the risk trade heads higher in reaction to the U.S. data set.\u00a0 Existing Home Sales printed about in line with expectations, leading to slight speculation that the Fed will have to keep its monetary policy loose, a positive for many major Dollar pairs.\u00a0 … <\/p>\n

Continue reading “EUR\/USD Pops Higher, Avoiding Retest of Tuesday Lows”<\/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-7865","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7865","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=7865"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7865\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=7865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=7865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=7865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}