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EUR/USD Daily Commentary for 3.3.09

Discussion in 'Major Currency Pairs' started by FastBrokers, Mar 3, 2009.

  1. FastBrokers

    FastBrokers New Member

    Feb 23, 2009
    Likes Received:
    Los Angeles
    The EUR/USD is sitting right on our medium-term uptrend line, holding onto dear life after balancing on our 1.2555 level. The performance of the EUR/USD over the past 24 hours shows us investors aren’t quite ready to give up on the medium-term uptrend considering a drop beneath would likely lead to a sharp leg down. However, the picture isn’t pretty, and it’s difficult to find a reason why the EUR/USD will turn around and head for an uptrend. With the U.S. economy in shambles, it would take a massive shift in investor sentiment to alter the downwards wave taking place. Investors are waiting for America’s Pending Home Sales data coming this morning. Discouraging data could lead the S&P futures below 700 with the EUR/USD following suit. On the other hand, we could see buyers entering to give a temporary boost on oversold conditions. Fundamentally, we maintain our support of 1.2555 with 2nd tier and bottom-end supports resting at 1.2514 and 1.2458, respectively. To the topside, we hold our resistances of 1.2634, 1.2690, 1.2761, and 1.2822. The EUR/USD is currently exchanging at 1.2632. See Chart


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