{"id":8876,"date":"2010-04-28T14:20:55","date_gmt":"2010-04-28T18:20:55","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8876"},"modified":"2010-04-28T14:20:55","modified_gmt":"2010-04-28T18:20:55","slug":"eurusd-pops-back-to-1-32-selloff","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/28\/eurusd-pops-back-to-1-32-selloff\/","title":{"rendered":"EUR\/USD Pops Back to 1.32 Selloff"},"content":{"rendered":"<div><strong>By Fast Brokers<\/strong> &#8211; The EUR\/USD has stabilized a bit and popped back to its  psychological 1.32 level after yesterday\u2019s large selloff resulting from  and S&amp;P downgrade of Greek and Portugal debt. \u00a0As everybody knows by  now, Greece\u2019s debt was cut to junk and Portugal\u2019s was downgraded two  notches. \u00a0The debt yields of all PIIGS nations rose yesterday as the  fear of contagion elevated to a new level. \u00a0The risk aversion was  uniform across the board with sovereign debt problems encouraging  investors to head towards the exit. \u00a0The EUR\/USD is now approaching its  key 1.30 level and May 2009 lows, signifying the EU is tipping into a  crisis. \u00a0It will be interesting to see if the EU and IMF step in soon or  allow uncertainty to build further. \u00a0If these bodies don\u2019t act soon it  is possible that the fear of contagion could become a reality. \u00a0On a  positive note, GfK consumer confidence came in stronger than expected  today, extending the recent outperformance of EU fundamental data. \u00a0In  fact, it is likely this positive swing in fundamentals that is keeping  the EUR\/USD afloat. \u00a0Meanwhile, all heads turn to the Fed to see how the  central bank reacts to impressive U.S. fundamentals. \u00a0Although the EU  will release Germany Unemployment Change and M3 money supply data  tomorrow, the next 24-48 hours will likely be all about the dollar\u2019s  reaction to the Fed\u2019s decision and resulting monetary language.<\/div>\n<div>Technically speaking, the EUR\/USD faces mounting downtrend lines  along with intraday and 4\/27 highs. \u00a0Additionally, the psychological  1.33 area could serve as a psychological barrier should it be tested.  \u00a0As for the downside, the EUR\/USD has May 2009 lows and the  psychological 1.31 and 1.30 areas serving as technical cushions.<\/div>\n<div>Present Price: 1.3192<\/div>\n<div>Resistances: 1.3202, 1.3210, 1.3223, 1.3233, 1.3245, 1.3265<\/div>\n<div>Supports: \u00a01.3190, 1.3165, 1.3154, 1.3142, 1.3127, 1.3100<\/div>\n<div>Psychological: April highs and May 2009 lows, 1.33, 1.32, 1.31,  1.30<\/div>\n<div><a href=\"http:\/\/www.fastbrokers.net\/news\/image\/April28Euro.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.fastbrokers.net\/news\/image\/April28Euro.png\" alt=\"\" width=\"595\" height=\"400\" \/><\/a><\/div>\n<div>\n<p>(click chart to enlarge)<\/p>\n<p><em><strong>Market Commentary<\/strong><\/em> provided by <a href=\"http:\/\/www.fastbrokers.com\/index.php?CP001\" target=\"_blank\"><strong>Fast                   Brokers<\/strong>.<\/a><\/p>\n<p><strong>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<p><strong>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<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Fast Brokers &#8211; The EUR\/USD has stabilized a bit and popped back to its psychological 1.32 level after yesterday\u2019s large selloff resulting from and S&amp;P downgrade of Greek and Portugal debt. \u00a0As everybody knows by now, Greece\u2019s debt was cut to junk and Portugal\u2019s was downgraded two notches. \u00a0The debt yields of all PIIGS &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/04\/28\/eurusd-pops-back-to-1-32-selloff\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;EUR\/USD Pops Back to 1.32 Selloff&#8221;<\/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-8876","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/8876","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=8876"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/8876\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=8876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=8876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=8876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}