{"id":9840,"date":"2010-05-31T11:19:41","date_gmt":"2010-05-31T15:19:41","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9840"},"modified":"2010-05-31T11:19:41","modified_gmt":"2010-05-31T15:19:41","slug":"eurusd-bounces-to-start-week","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/31\/eurusd-bounces-to-start-week\/","title":{"rendered":"EUR\/USD Bounces to Start Week"},"content":{"rendered":"

By Fast Brokers <\/strong>– The EUR\/USD had a poor finish on Friday, sinking back towards 1.2250 after news hit that Fitch is downgrading Span\u2019s debt.\u00a0 However, the losses were contained compared to what we\u2019ve seen previously as the EUR\/USD managed to stay well above previous May lows.\u00a0 In fact, it seems the EUR\/USD is making an effort to form a bottom.\u00a0 However, intense psychological headwinds are still circling and it remains to be seen just how long these May bottoms can hold if the EUR\/USD doesn\u2019t piece together some more consistent upward momentum.\u00a0 That being said, investors should keep their eyes on the news wire per usual.\u00a0 We\u2019re in a fluid situation and there\u2019s a high probability that more news with a considerable weight will hit the wire again this week.\u00a0 However, even if the news wire is quiet we\u2019ve got plenty of events on tap, highlighted by an RBA rate decision and U.S. employment data.\u00a0 Hence, even though the EU data wire will be relatively quiet this week investors should still be prepared for volatility.\u00a0 Trichet will address the public today and investors will receive EU M3 money supply.\u00a0 The U.S. will have a banking holiday, meaning trading could be choppy today.\u00a0 Though activity should pick up during tomorrow\u2019s Asia trading session with Chinese manufacturing PMI on deck along with a host of Australian data followed by the RBA\u2019s rate decision.<\/p>\n

Technically speaking, the EUR\/USD seems to be getting comfortable in a trading range between 1.25 and May lows.\u00a0 Meanwhile, the EUR\/USD faces multiple downtrend lines along with intraday and 5\/28 highs.\u00a0 As for the downside, the EUR\/USD has technical cushions in the form of intraday and 5\/27 lows.\u00a0 Furthermore, the psychological 1.20 level should serve as a strong technical support should it be tested.<\/p>\n

Present Price: 1.2320
\nResistances: 1.2341, 1.2369, 1.2386, 1.2412, 1.2436, 1.2456
\nSupports:\u00a0\u00a0 1.2304, 1.2280, 1.2268, 1.2234, 1.2208, 1.2191
\nPsychological: May 2010 highs and 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 had a poor finish on Friday, sinking back towards 1.2250 after news hit that Fitch is downgrading Span\u2019s debt.\u00a0 However, the losses were contained compared to what we\u2019ve seen previously as the EUR\/USD managed to stay well above previous May lows.\u00a0 In fact, it seems the EUR\/USD is making … <\/p>\n

Continue reading “EUR\/USD Bounces to Start Week”<\/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-9840","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9840","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=9840"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9840\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}