{"id":9695,"date":"2010-05-25T13:21:10","date_gmt":"2010-05-25T17:21:10","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9695"},"modified":"2010-05-25T13:21:10","modified_gmt":"2010-05-25T17:21:10","slug":"eurusd-hit-by-negative-news-from-spain","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/25\/eurusd-hit-by-negative-news-from-spain\/","title":{"rendered":"EUR\/USD Hit By Negative News From Spain"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD has taken a turn for the worse to start off the week.\u00a0 Despite the relative lack data, the news wire lit up as we warned about in our previous commentary.\u00a0 Concern about Spain\u2019s financial condition intensified after the government announced it is taking control of a regional bank, sparking fears that more financials could begin folding.\u00a0 The IMF issued a warning to Spain that the financial industry needs to get its act together, escalating investor uncertainty in the process.\u00a0 Investors naturally sent the Euro reeling in reaction to the news and the EUR\/USD is back around previous May lows and testing March 2006 levels.\u00a0 All reasonable uptrend lines are well overhead and negative momentum is still clearly in the driver\u2019s seat.\u00a0 On a positive note, EU industrial new orders surged, eclipsing analyst estimates by 30bp.\u00a0 Strong EU industrial and manufacturing data could become a new trend as a weak currency makes exports more attractive.\u00a0 However, austerity concerns are still dominating the headlines.\u00a0 Meanwhile, global equities are getting hammered with the DAX down -3% and the CAC in the red by roughly -3.7%.\u00a0 In addition to news regarding Spain, investors are concerned about a conflict in Korea after news spread that North Korea readied its military to defend against South Korea should it attack.\u00a0 Hence, it\u2019s difficult to find much good news around the globe, making present risk aversion understandable.<\/p>\n

Technically speaking, the EUR\/USD faces multiple downtrend lines along with intraday and 5\/24 highs.\u00a0 Additionally, the psychological 1.23 and 1.24 areas are now serving as technical barriers.\u00a0 As for the downside, the EUR\/USD has supports in the form of intraday and 5\/19 lows.\u00a0 Furthermore, the psychological 1.20 could serve as a solid cushion should it be tested.<\/p>\n

Present Price: 1.2224
\nResistances: 1.2239, 1.2268, 1.2280, 1.2304, 1.2318, 1.2341
\nSupports:\u00a0\u00a0 1.2208, 1.2191, 1.2167, 1.2146, 1.2120, 1.2100
\nPsychological: May 2010 lows, March 2006 lows, 1.24, 1.23, 1.20<\/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 taken a turn for the worse to start off the week.\u00a0 Despite the relative lack data, the news wire lit up as we warned about in our previous commentary.\u00a0 Concern about Spain\u2019s financial condition intensified after the government announced it is taking control of a regional bank, sparking … <\/p>\n

Continue reading “EUR\/USD Hit By Negative News From Spain”<\/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-9695","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9695","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=9695"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9695\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}