This
afternoon Big Ben speaks again, Bernanke testifies at 4PM at the Hill.
Yesterday was long on the EURUSD, but I would say really nothing
happened just gained slightlythe pair. The market waits for the news today
from the Congress. The one million dollar question is still. Tapering or not
tapering? My bet is that nothing going to change during the summer,
but for sure FED will do tapering in the fall, and I am onlyinterested at
the interpretation of market not the analysts. We do believe that the
Comitee will slow the monetary stimulus, is 100% sure. The only question
is in which month starts. The consensus on the market is for the Fed to taper
quantitative easing in September.
We see
dollar weakening and wait the greenback against the euro to 1.3380 in twoweekly term.
Technically on daily chart yesterday tested the 1.3050 level and bounced back
up to 1,3170. We have a double bottom 1.2755 that is still a huge
resistance. We see upside strength and our target is at 1.3380, but before that
needs the EURUSD to break the 1.3200 resistance today after the Bernanke
speech.
FOREX
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