{"id":9657,"date":"2010-05-24T10:01:09","date_gmt":"2010-05-24T14:01:09","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9657"},"modified":"2010-05-24T10:01:09","modified_gmt":"2010-05-24T14:01:09","slug":"eurusd-consolidates-following-strong-end-to-week","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/24\/eurusd-consolidates-following-strong-end-to-week\/","title":{"rendered":"EUR\/USD Consolidates Following Strong End to Week"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is consolidating back towards its psychological 1.25 level after the EUR\/USD powered higher at the end of last week, nearly touching 1.27 as the currency pair tries to form a bottom.\u00a0 However, the EUR\/USD\u2019s rally did cool down a bit on Friday after the flash PMI data came in negative mixed and Germany Ifo Business Climate came in a tad shy of analyst estimates.\u00a0 Meanwhile, Asian equity markets are up today with the SCI leading the pack.\u00a0 This positive momentum could carry over into the European trading session due to the banking holiday.\u00a0 However, we naturally recommend investors keep an eye on the news wire since conditions in the EU are still unstable.\u00a0 Although gains from last week\u2019s lows have been encouraging, the movement hasn\u2019t been game changing thus far considering the extent of the downturn.\u00a0 Investors should also keep in mind how quickly the 5\/7-5\/10 pop deteriorated.\u00a0 Hence, it will be important to see the EUR\/USD make a confirmation topside movement backed by convincing volume in order to turn the tide.\u00a0 It seems 1.25 is the key level in play right now with 1.30 hanging overhead.\u00a0 Attention is focused on China today with the U.S.\/China summit kicking off.\u00a0 However, it\u2019s unlikely there will be any major agreement concerning currency appreciation emanating from the conference, meaning the meetings could have a limited impact on FX activity.\u00a0 Investors will also be looking at the U.S. today with Existing Home Sales data on deck.<\/p>\n

Technically speaking, the EUR\/USD faces multiple downtrend lines along with 5\/21 and 5\/12 highs.\u00a0 Additionally, 1.25 could now become a solid technical cushion for the near-term.\u00a0 As for the downside, the EUR\/USD has supports in the form of intraday 5\/21, and 5\/20 lows along with the psychological 1.24 and 1.23 areas.<\/p>\n

Present Price: 1.2523
\nResistances: 1.2540, 1.2573, 1.2595, 1.2630, 1.2672, 1.2726
\nSupports:\u00a0\u00a0 1.2474, 1.2456, 1.2431, 1.2383, 1.2341, 1.2318
\nPsychological: May 2010 lows, April 2006 lows, 1.24, 1.25, 1.23, 1.27<\/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 consolidating back towards its psychological 1.25 level after the EUR\/USD powered higher at the end of last week, nearly touching 1.27 as the currency pair tries to form a bottom.\u00a0 However, the EUR\/USD\u2019s rally did cool down a bit on Friday after the flash PMI data came in … <\/p>\n

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