{"id":8392,"date":"2010-04-08T14:16:23","date_gmt":"2010-04-08T18:16:23","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8392"},"modified":"2010-04-08T14:16:23","modified_gmt":"2010-04-08T18:16:23","slug":"eurusd-bounces-of-intraday-lows-despite-greek-woes","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/08\/eurusd-bounces-of-intraday-lows-despite-greek-woes\/","title":{"rendered":"EUR\/USD Bounces of Intraday Lows Despite Greek Woes"},"content":{"rendered":"

By Fast Brokers<\/strong> – Greek bond yields surged to a record high today as uncertainty grows that Greece will not be able to attain sufficient funding on its own.\u00a0 Additionally, recent vocal displeasure with the IMF\u2019s planned austerity measures should aide be sought has rumor mills churning.\u00a0 However, regardless of today\u2019s disconcerting drop in Greek bond prices the EUR\/USD has manage to avoid a retest of March lows.\u00a0 That being said, investors should keep an eye on the currency pair since downward pressure is building from this week\u2019s negative psychological developments.\u00a0 The EUR\/USD\u2019s intraday recovery is likely due to a combination of Trichet\u2019s belief that Greece will be able to solve its own fiscal problems without EU and IMF intervention.\u00a0 Additionally, U.S. weekly Unemployment Claims came in higher than anticipated, souring optimism in the Dollar and effectively buoying the EUR\/USD.\u00a0 Today\u2019s resilience in the EUR\/USD is even more impressive considering EU Retail Sales and German Industrial Production both printed below analyst expectations.\u00a0 Hence, a weakening Euro could be stoking inflation, thereby reducing consumption.\u00a0 The data wire will be relatively quiet in both the EU and the U.S. tomorrow, meaning psychological elements could continue to dominate price movements over the near-term.\u00a0 As a result, investors should keep tuned to the news wire for any new developments in Greece and the EU at large.<\/p>\n

Technically speaking, the EUR\/USD has March lows and the psychological 1.33 and 1.32 areas serving as technical cushions.\u00a0 However, should March lows give way the EUR\/USD could slide into another large leg down.\u00a0 As for the topside, the EUR\/USD now faces mounting downtrend lines due to the currency pair\u2019s decisive pullback since the beginning of this month.\u00a0 The EUR\/USD also faces technical barriers in the form of 4\/7 highs and the psychological 1.34 area should it be tested.<\/p>\n

Present Price: 1.3333<\/p>\n

Resistances: 1.3339, 1.3346, 1.3352, 1.3363, 1.3374, 1.3383<\/p>\n

Supports:\u00a0 1.3332, 1.3322, 1.3312, 1.3305, 1.3300, 1.33292<\/p>\n

Psychological: 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 – Greek bond yields surged to a record high today as uncertainty grows that Greece will not be able to attain sufficient funding on its own.\u00a0 Additionally, recent vocal displeasure with the IMF\u2019s planned austerity measures should aide be sought has rumor mills churning.\u00a0 However, regardless of today\u2019s disconcerting drop in Greek … <\/p>\n

Continue reading “EUR\/USD Bounces of Intraday Lows Despite Greek Woes”<\/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-8392","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/8392","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=8392"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/8392\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=8392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=8392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=8392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}