{"id":9225,"date":"2010-05-07T12:41:21","date_gmt":"2010-05-07T16:41:21","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9225"},"modified":"2010-05-07T12:41:21","modified_gmt":"2010-05-07T16:41:21","slug":"eurusd-stages-solid-rally-from-thursday-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/07\/eurusd-stages-solid-rally-from-thursday-lows\/","title":{"rendered":"EUR\/USD Stages Solid Rally From Thursday Lows"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD has staged a solid rally from Thursday\u2019s lows as investors hope that a conference call between the G7 leaders will yield a sign of global solidarity amid the crisis in fiscal crisis taking root in the EU.\u00a0 Additionally, a much better than expected U.S. non-farm payrolls number has buoyed equities and the risk trade as a whole following yesterday\u2019s collapse.\u00a0 As everybody knows right now, U.S. equities underwent a vicious selloff, leading investors towards the greenback, gold, and the yen for cover.\u00a0 In the meantime, EU bond interest rates climbed to uncomfortable levels and interbank lending dried up.\u00a0 This brought up not so distant memories of the market turmoil during the Lehman bankruptcy.\u00a0 The EUR\/USD went on to test its psychological 1.25 level and March 2009 lows.\u00a0 The currency pair is skating on very thin ice now with October 2008, or financial crisis lows, coming into reach.\u00a0 Hence, it will be very important for the EUR\/USD to stabilize soon to stem the bleeding and save some dignity.\u00a0 That being said, investors will have to see some action backed by confidence from the EU and other industrialized nations soon.\u00a0 Fortunately for the risk trade, the week is coming to a close and investors will have a couple days to cool off and look forward.\u00a0 China will be the key to stability next week for they kick off Monday with trade balance data, followed by CPI and industrial production on Tuesday.\u00a0 If China is in fact cooling off, this could place renewed downward pressure on U.S. equities and send the greenback higher.\u00a0 On the other hand, strong data from China could be just what the doctor ordered for the EUR\/USD and other major dollar pairs.<\/p>\n

Technically speaking, the EUR\/USD is really testing its support system in for form of 1.25 and March 2009 lows.\u00a0 As for the topside, the EUR\/USD faces an incredible amount of downward pressure along with intraday and 5\/6 highs.<\/p>\n

Present Price: 1.2673
\nResistances: 1.2676, 1.2704, 1.2728, 1.2758, 1.2779, 1.2803
\nSupports:\u00a0\u00a0 1.2646, 1.2620, 1.2604, 1.2582, 1.2564, 1.2546
\nPsychological: March 2009 lows, October 2008 lows, 1.28, 1.27, 1.26, 1.25<\/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 has staged a solid rally from Thursday\u2019s lows as investors hope that a conference call between the G7 leaders will yield a sign of global solidarity amid the crisis in fiscal crisis taking root in the EU.\u00a0 Additionally, a much better than expected U.S. non-farm payrolls number has buoyed … <\/p>\n

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