{"id":9727,"date":"2010-05-26T10:46:24","date_gmt":"2010-05-26T14:46:24","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9727"},"modified":"2010-05-26T10:46:24","modified_gmt":"2010-05-26T14:46:24","slug":"eurusd-hangs-above-may-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/26\/eurusd-hangs-above-may-lows\/","title":{"rendered":"EUR\/USD Hangs Above May Lows"},"content":{"rendered":"

By Fast Brokers<\/strong> – The EUR\/USD is consolidating above 1.23 after the currency pair managed to bounce yesterday before hitting previous May lows as the risk trade rallied across the board.\u00a0 The OECD issued encouraging comments concerning the EU, downplaying the possibility of a double dip despite heightened investor uncertainty.\u00a0 However, the Euro is still under considerable pressure, meaning it will be important to see the EUR\/USD to continue its consolidation and avoid tripping below 5\/19 levels.\u00a0 German consumer climate data came in a bit below analyst estimates, as is to be expected considering present worries in the EU.\u00a0 Attention now turns to U.S. DGO and new home sales data releases.\u00a0 Should the U.S. data print better than expected this could help buoy the EUR\/USD with investors gaining a bit more confidence in the risk trade.\u00a0 The EU will be relatively quiet on the data wire tomorrow with German prelim CPI being the sole release.\u00a0 Attention should remain focused on the U.S. with prelim GDP and weekly unemployment claims on the way.\u00a0 However, investors should also keep their eyes on the EU news wire for it is wise to expect the unexpected considering we just received negative news regarding Spain on Monday.\u00a0 Should EU fiscal worries intensify again this could negate any positive data we receive from the U.S.\u00a0 Meanwhile, no news from the EU can be considered good news.<\/p>\n

Technically speaking, the EUR\/USD faces multiple downtrend lines along with intraday and 5\/21 highs.\u00a0 Additionally, the psychological 1.24 and 1.25 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: 1.2321
\nResistances: 1.2341, 1.2369, 1.2383, 1.2431, 1.2456, 1.2474
\nSupports:\u00a0\u00a0 1.2318, 1.2304, 1.2280, 1.2268, 1.2239, 1.2208
\nPsychological: May 2010 lows, March 2006 lows, 1.24, 1.25, 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 is consolidating above 1.23 after the currency pair managed to bounce yesterday before hitting previous May lows as the risk trade rallied across the board.\u00a0 The OECD issued encouraging comments concerning the EU, downplaying the possibility of a double dip despite heightened investor uncertainty.\u00a0 However, the Euro is still … <\/p>\n

Continue reading “EUR\/USD Hangs Above May Lows”<\/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-9727","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9727","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=9727"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9727\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}