EUR/USD's Rally Tops Out Just Below 1.50

16 November 2009 @ 11:52 am EDT

The EUR/USD staged an encouraging rally on Friday, bouncing off our 2nd tier uptrend line as both gold and the S&P futures headed higher despite weaker than expected EU GDP data along with a disappointing UoM Consumer Sentiment number. However, the bounce has stalled at what is now our 2nd tier downtrend line and the EUR/USD is confronting the highly psychological 1.50 area once again. Hesitation in the EUR/USD comes in reaction to mixed U.S. Retail Sales data along with a weak reading from the Empire Index. The continuation of a negatively mixed data flow from the U.S. is deterring investors from sending the EUR/USD beyond 1.50 and the S&P futures past 1100. As a result, the EUR/USD appears stuck in a trading range between previous November highs and lows. That being said, the EUR/USD has technical forces at work on both sides.

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