{"id":9880,"date":"2010-06-01T10:17:31","date_gmt":"2010-06-01T14:17:31","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9880"},"modified":"2010-06-01T10:17:31","modified_gmt":"2010-06-01T14:17:31","slug":"eurusd-tests-may-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/01\/eurusd-tests-may-lows\/","title":{"rendered":"EUR\/USD Tests May Lows"},"content":{"rendered":"<p><strong>By Fast Brokers<\/strong> &#8211; The EUR\/USD is tumbling lower and it seems May lows are about to give way.\u00a0 European equity markets are deep in the red as negative news from China delivers a blow to the risk trade.\u00a0 China\u2019s manufacturing PMI figure came in below analyst expectations, fueling fears of a slowdown in the orient as the government tries to deflate its real estate bubble.\u00a0 Li Daokui, a member of China\u2019s central bank policy committee, suggested that China\u2019s property bubble could be worse than America\u2019s due to the possibility of social unrest.\u00a0 For further analysis on this topic, you can read my blog post last week \u2018Year of the Tiger\u2019 at www.blogs.fastbrokers.com\/matthew.\u00a0 Meanwhile, the ECB announced that it expects there to be approximately $240 billion in writedowns at European banks.\u00a0 The ECB was also cautious in its statement, pointing out that fiscal problems and austerity measures could damage banks more than expected.\u00a0 The combination of negative news and data from China and the EU seems to be sending the EUR\/USD towards a new leg down and possible test of its highly psychological 1.20 level over the near-term.\u00a0 The Although the EU has its unemployment rate number on the way, more emphasis will likely be places on America\u2019s manufacturing PMI release.<\/p>\n<p>Technically speaking, the EUR\/USD is now testing the patience of May lows and could send head towards the depths of April 2006 lows.\u00a0 Meanwhile, the EUR\/USD does have the highly psychological 1.20 level in play should the pullback accelerate.\u00a0 As for the topside, the EUR\/USD faces multiple downtrend lines along with 5\/31 and 5\/28 highs.<\/p>\n<p>Present Price: 1.2155<br \/>\nResistances: 1.2170, 1.2196, 1.2234, 1.2251, 1.2268, 1.2280<br \/>\nSupports:\u00a0\u00a0 1.2146, 1.2120, 1.2098, 1.2080, 1.2064, 1.2050, 1.2035<br \/>\nPsychological: May 2010 highs and lows, March 2006 lows, 1.22, 1.20<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/Apr1Euro.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/Apr1Euro.png\" alt=\"\" width=\"595\" height=\"400\" \/><\/a><\/p>\n<p>(click chart to enlarge)<\/p>\n<p><em><strong>Market Commentary<\/strong><\/em> provided by <a href=\"http:\/\/www.fastbrokers.com\/index.php?CP001\" target=\"_blank\"><strong>Fast                                 Brokers<\/strong>.<\/a><\/p>\n<p><strong>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<p><strong>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":"<p>By Fast Brokers &#8211; The EUR\/USD is tumbling lower and it seems May lows are about to give way.\u00a0 European equity markets are deep in the red as negative news from China delivers a blow to the risk trade.\u00a0 China\u2019s manufacturing PMI figure came in below analyst expectations, fueling fears of a slowdown in the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/06\/01\/eurusd-tests-may-lows\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;EUR\/USD Tests May Lows&#8221;<\/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-9880","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9880","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=9880"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9880\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}