{"id":9904,"date":"2010-06-02T08:59:32","date_gmt":"2010-06-02T12:59:32","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9904"},"modified":"2010-06-02T08:59:32","modified_gmt":"2010-06-02T12:59:32","slug":"eurusd-breaks-may-lows-and-bounces","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/02\/eurusd-breaks-may-lows-and-bounces\/","title":{"rendered":"EUR\/USD Breaks May Lows and Bounces"},"content":{"rendered":"<p><strong>By Fast Brokers<\/strong> &#8211; The EUR\/USD continued its slide yesterday, breaking below May lows before bouncing after the risk trade reacted positively to America\u2019s data set.\u00a0 U.S. construction spending surged, giving investors hope that America\u2019s economic recovery is becoming entrenched.\u00a0 We saw a strong intraday rally in most major dollar pairs, though the EUR\/USD\u2019s upward momentum has faded and the currency pair is gravitating back towards 1.22.\u00a0 The level of uncertainty concerning the EU hasn\u2019t changed and investors are likely just waiting for the next ball to drop. The EU will be relatively quiet on the data wire today, leaving the markets up to U.S. pending home sales and psychological forces.\u00a0 Speaking of which, it will be interesting to see how Hatoyama\u2019s resignation affects the FX markets as a whole.\u00a0 Political instability in Japan could dent the risk trade and drag the EUR\/USD lower.\u00a0 Also, investors should keep a close eye on the news wire for these days it is wises to expect the unexpected.<\/p>\n<p>Technically speaking, the EUR\/USD faces technical barriers in the form of mounting downtrend lines along with 6\/1 and 5\/28 highs.\u00a0 Additionally, the 1.25 level could serve as a strong resistance should it be tested.\u00a0 As for the downside, yesterday\u2019s break below May lows could prove to be an important technical event for the near-term.\u00a0 The EUR\/USD has supports in the form of 6\/1 lows and the highly psychological 1.20 area.<\/p>\n<p>Present Price: 1.2235<br \/>\nResistances: 1.2251, 1.2268, 1.2284, 1.2304, 1.2320, 1.2344, 1.2373<br \/>\nSupports:\u00a0\u00a0 1.2232, 1.2221, 1.2208, 1.2196, 1.2176, 1.2150, 1.2120<br \/>\nPsychological: June 2010 lows, March 2006 lows, 1.22, 1.20<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/June2Euro.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/June2Euro.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 continued its slide yesterday, breaking below May lows before bouncing after the risk trade reacted positively to America\u2019s data set.\u00a0 U.S. construction spending surged, giving investors hope that America\u2019s economic recovery is becoming entrenched.\u00a0 We saw a strong intraday rally in most major dollar pairs, though the EUR\/USD\u2019s upward &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/06\/02\/eurusd-breaks-may-lows-and-bounces\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;EUR\/USD Breaks May Lows and Bounces&#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-9904","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9904","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=9904"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9904\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}