{"id":8267,"date":"2010-04-06T13:55:13","date_gmt":"2010-04-06T17:55:13","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8267"},"modified":"2010-04-06T13:55:13","modified_gmt":"2010-04-06T17:55:13","slug":"eurusd-tumbles-amid-new-greece-concern","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/06\/eurusd-tumbles-amid-new-greece-concern\/","title":{"rendered":"EUR\/USD Tumbles Amid New Greece Concern"},"content":{"rendered":"

By Fast Brokers<\/strong> – Investors have brushed aside this morning\u2019s RBA rate raise and are punishing the Euro amid new negative psychological pressures coming from Greece.\u00a0 Greek government officials are becoming vocal about their desire to restructure the EU\u2019s recent financial aid agreement.\u00a0 It seems Greece is unhappy with the terms and conditions the IMF is proposing should it be called upon to intervene.\u00a0 Hence, we may see a push from Greece to exclude the IMF from any rescue packages.\u00a0 However, conceding IMF involvement is what brought Germany to the table, so it\u2019s difficult to believe they are willing to comply with Greece\u2019s request.\u00a0 Either way, Greece\u2019s vocal disapproval has cast the effectiveness of the aid proposal into doubt, renewing uncertainty regarding fiscal issues in the EU.\u00a0 Greek bond prices are dropping and yields rising as investors demand a premium for purchasing the nation\u2019s debt.\u00a0 Therefore, it wouldn\u2019t be surprising to see negative chatter return should bond yields climb higher.\u00a0 The Euro is continuing to underperform the Pound, highlighted by the EUR\/GBP\u2019s downturn.\u00a0\u00a0\u00a0 The EU reported only limited data today, showing psychological forces are in control for the time being.\u00a0 With U.S. economic data outperforming and uncertainty in the EU returning, it\u2019s understandable that investors are selling EUR\/USD.\u00a0 The data wire will remain quiet until this afternoon\u2019s release of the FOMC Meeting Minutes.\u00a0 Hence, psychological forces could continue to drive the markets.\u00a0 Germany will release Factory Orders tomorrow, though investors will likely remain focused on news concerning Greece.\u00a0 Thursday\u2019s ECB and BoE monetary policy meetings will highlight the week with the BoJ meeting tomorrow as well.\u00a0 Therefore, investors should expect volatility to pick up as the trading week progresses.<\/p>\n

Technically speaking, the EUR\/USD has dropped back below 3\/31 lows, a negative development.\u00a0 However, the currency pair does have multiple uptrend lines to fall back on along with the psychological 1.33 level and March lows.\u00a0 However, the EUR\/USD has certainly been dealt a damaging near-term blow.\u00a0 As for the topside, downtrends are mounting as the EUR\/USD drops.\u00a0 Additionally, the currency pair faces technical barriers in the form of intraday highs and the psychological 1.34 and 1.35 levels should they be tested.<\/p>\n

Present Price: 1.3364
\nResistances: 1.3374, 1.3383, 1.3395, 1.3403, 1.3411, 1.3422
\nSupports:\u00a0 1.3363, 1.3352, 1.3346, 1.3339, 1.3331, 1.3322
\nPsychological: March lows, 1.35, 1.34, 1.33<\/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 – Investors have brushed aside this morning\u2019s RBA rate raise and are punishing the Euro amid new negative psychological pressures coming from Greece.\u00a0 Greek government officials are becoming vocal about their desire to restructure the EU\u2019s recent financial aid agreement.\u00a0 It seems Greece is unhappy with the terms and conditions the IMF … <\/p>\n

Continue reading “EUR\/USD Tumbles Amid New Greece Concern”<\/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-8267","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/8267","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=8267"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/8267\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=8267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=8267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=8267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}