{"id":8594,"date":"2010-04-15T11:59:14","date_gmt":"2010-04-15T15:59:14","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8594"},"modified":"2010-04-15T11:59:14","modified_gmt":"2010-04-15T15:59:14","slug":"eurusd-undergoes-brisk-sell-off","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/15\/eurusd-undergoes-brisk-sell-off\/","title":{"rendered":"EUR\/USD Undergoes Brisk Sell-Off"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Euro is underperforming today and the EUR\/USD has experienced a brisk leg down as fiscal concerns continue to weigh on the currency.\u00a0 George Soros reiterated his lack of confidence in the EU\u2019s aid proposal for Greece.\u00a0 Statements are swirling that if Germany doesn\u2019t step up and take more leadership the union could unravel.\u00a0 While this is all purely hypothetical, negative comments are dragging on the Euro none the less as the EUR\/GBP declines.\u00a0 Meanwhile, solid GDP and Industrial Production data from China failed to boost the risk trade as the rest of the major Dollar pairs move sideways.\u00a0 U.S. manufacturing data is improving faster than anticipated while unemployment claims remain at an uncomfortably high level.\u00a0 Hence, the markets are receiving a mixed picture today, denting the positive momentum from yesterday\u2019s solid topside rally.\u00a0 Investors should keep their eyes on the news wire as U.S. earnings reports start to stream in.\u00a0 As we\u2019ve seen from activity earlier this week, positive U.S. earnings could bode well for the risk trade.\u00a0 The EU will release CPI data tomorrow and it will be interesting to see how prices are behaving in the union right now considering all of the recent turmoil in Greece.\u00a0 However, even if the CPI comes in stronger than anticipated the ECB would likely find it difficult to tighten due to all of the fiscal uncertainty within the region.\u00a0 Hence, tomorrow\u2019s trading session will likely be about U.S. Building Permits and Prelim Michigan data.\u00a0 Stronger than expected U.S. data could weigh on the EUR\/USD, particularly if EU psychologicals don\u2019t improve soon.<\/p>\n

Technically speaking, the EUR\/USD has taken a step backward by dropping below 4\/13 lows.\u00a0 However, the currency pair has avoided a retest of the highly psychological 1.35 level thus far and the uptrend still has a solid support system in place, including multiple uptrend lines.\u00a0 As for the topside, near-term downtrend lines are accumulating slowly while the EUR\/USD also faces technical barriers in the form of 4\/13 and 4\/14 highs.<\/p>\n

Present Price: 1.3550
\nResistances: 1.3559, 1.3567, 1.3576, 1.3586, 1.3591, 1.3603
\nSupports:\u00a0 1.3544, 1.3532, 1.3520, 1.3513, 1.3503, 1.3495
\nPsychological: April and March highs, 1.35, 1.36, 1.37<\/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 Euro is underperforming today and the EUR\/USD has experienced a brisk leg down as fiscal concerns continue to weigh on the currency.\u00a0 George Soros reiterated his lack of confidence in the EU\u2019s aid proposal for Greece.\u00a0 Statements are swirling that if Germany doesn\u2019t step up and take more leadership the … <\/p>\n

Continue reading “EUR\/USD Undergoes Brisk Sell-Off”<\/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-8594","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/8594","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=8594"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/8594\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=8594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=8594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=8594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}