{"id":9471,"date":"2010-05-17T12:38:58","date_gmt":"2010-05-17T16:38:58","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9471"},"modified":"2010-05-17T12:38:58","modified_gmt":"2010-05-17T16:38:58","slug":"eurusd-bounces-in-relief-rally","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/17\/eurusd-bounces-in-relief-rally\/","title":{"rendered":"EUR\/USD Bounces in Relief Rally"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is bouncing off of intraday lows after nearly hitting 1.22 and the currency pair is undergoing a relief rally, popping back towards it 1.24 as the weekend and a lack of news has allowed austerity fears to subside a bit.\u00a0 The EU was also quiet on the data front today, giving analysts an open window to talk down the extent of last week\u2019s collapse in the Euro.\u00a0 However, despite today\u2019s pop, the EUR\/USD is still clearly in a vulnerable position as it tests April 2006 levels.\u00a0 Not much has really changed at this point with investors still clearly negative concerning the state of the EU.\u00a0 The LIBOR is creeping higher and as are interest rates on short-term paper.\u00a0 Markets have shown little faith in the long-term effectiveness of the $1 trillion rescue package as the initial enthusiasm melted quickly after the pop towards 1.31.\u00a0 The EU will light up the data wire tomorrow with the release of ZEW economic sentiment along with CPI.\u00a0 Considering EU data was solid over the past few weeks, if this trend continues the EUR\/USD may be able to rise back towards 1.25 and gain back some lost ground.\u00a0 However, a heightened risk remains that an unexpected news story will hit the headlines and dent the Euro.\u00a0 Therefore, investors should be on their toes this week due to unstable conditions.<\/p>\n

Technically speaking, the EUR\/USD clearly faces an uphill battle with a wealth of downtrend lines hanging over head.\u00a0 Additionally, the EUR\/USD faces technical barriers in the form of 5\/14 and 5\/12 highs along with the psychological 1.25 level.\u00a0 As for the downside, the EUR\/USD has a limited near-term support system in the form of intraday and April 2006.\u00a0 Furthermore, the psychological 1.20 should serve as a solid psychological cushion should it be tested.<\/p>\n

Present Price: 1.2360
\nResistances: 1.2372, 1.2405, 1.2432, 1.2456, 1.2480, 1.2520
\nSupports:\u00a0\u00a0 1.2347, 1.2329, 1.2307, 1.2286, 1.2268, 1.2245
\nPsychological: May 2010 lows, April 2006 lows, 1.24, 1.25, 1.23, 1.22<\/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 bouncing off of intraday lows after nearly hitting 1.22 and the currency pair is undergoing a relief rally, popping back towards it 1.24 as the weekend and a lack of news has allowed austerity fears to subside a bit.\u00a0 The EU was also quiet on the data front … <\/p>\n

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