That was a
common activity yesterday by the traders, and market participants. After
Bernanke’s testimony at the Congress the EURUSD pair made significant moves and
gave us clear information about which way dollar wants go. Big Ben has opened
the door to a delay in reducing the FED bond buying program. Bernanke doesn’t
seem to be in a hurry to taper in QE it seems. Another fascinating development
was in terms of indexes. Instead of this great news, in interpretation of
market, the indexes hasn’t gain much. After 9 days of rally at SP500 stopped a
bit the bull track.
In our view
the EURUSD made a Bull Trap yesterday afternoon at 1.3177, it seemed first the
pair wants to go up, but that was a trap for long traders. Shortly after
started the dollar strentghening and came off the course of EURUSD. In our
interpretation in the last one week the pair was not able to close above the
1.3200 and lost fully the upside momentum. Tried to test it twice - please look
at the red arrows - but couldn’t succeed. So the long battle has failed. Comes
for a while the bears on EURUSD we are expecting that, is sure for today.
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