{"id":8325,"date":"2010-04-07T16:03:15","date_gmt":"2010-04-07T20:03:15","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8325"},"modified":"2010-04-07T16:03:15","modified_gmt":"2010-04-07T20:03:15","slug":"eurusd-loses-ground-as-uncertainty-persists","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/07\/eurusd-loses-ground-as-uncertainty-persists\/","title":{"rendered":"EUR\/USD Loses Ground as Uncertainty Persists"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is continuing yesterday\u2019s pullback as uncertainty continues to build regarding rising bond yields in Greece.\u00a0 Politicians have been relatively quiet since yesterday\u2019s statement implying Greece\u2019s objection to IMF involvement in potential financial aid packages due to the apparent extremity of requested austerity measures.\u00a0 Unraveling conditions in Greece have sent investors back towards the dollar, gold, and higher yielding currencies such as the Aussie and Loonie.\u00a0 The EU also gave investors little to cheer about data-wise after Final GDP and PPI each printed a basis point below expectations.\u00a0 Hence, it seems problems in the Mediterranean are impacting the EU as a whole as the union tries to contain Greece\u2019s fiscal crisis and prevent contagion.\u00a0 Meanwhile, the U.S. will be relatively quiet on the data wire today, leaving the EUR\/USD up to its present trend and any unforeseen psychological developments.\u00a0 On an encouraging note, the EUR\/USD is still trading above March lows, meaning an uptrend may still be salvageable.\u00a0 However, it seems investors will need more clarification from EU officials soon.\u00a0 Investors will then turn their attention to tomorrow\u2019s busy lineup.\u00a0 Investors will receive key economic data from Australia in the morning, followed by ECB and BoE monetary policy decisions during the afternoon.\u00a0 It is hard to imagine the ECB will tighten considering the damage being done to the region by fiscal problems in Greece.\u00a0 However, if the central bank were to tighten liquidity this could give the EUR\/USD a boost to the topside.\u00a0 On the other hand, if the ECB were to loosen to support the economic recovery this could place downward pressure on the EUR\/USD with a possible retest of March lows.\u00a0 Either way, tomorrow could be a busy day in the FX markets considering the wealth of news and data on the way.<\/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: 1.3353
\nResistances: 1.3363, 1.3374, 1.3383, 1.3395, 1.3403, 1.3411
\nSupports:\u00a0 1.3352, 1.3346, 1.3339, 1.3331, 1.3322, 1.3312
\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 – The EUR\/USD is continuing yesterday\u2019s pullback as uncertainty continues to build regarding rising bond yields in Greece.\u00a0 Politicians have been relatively quiet since yesterday\u2019s statement implying Greece\u2019s objection to IMF involvement in potential financial aid packages due to the apparent extremity of requested austerity measures.\u00a0 Unraveling conditions in Greece have sent … <\/p>\n

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