The dollar fell to new low against the euro yesterday, reached 1.3833 in early European trading, before dropping back to 1.3755 just before the Fed Chairman Bernanke begun his testimony. Bernanke's comments had little effect on currency markets, even though he repeated that inflation was the Fed's predominant concern. He hinted that the Fed will hold the interest rates steady, (dovish) and that might be the catalyst that the euro needed to climb back up again to reach 1.3817.
Today's Pivot Points:
R2 = 1.3878
R1 = 1.3841
PP = 1.3796
S1 = 1.3759
S2 = 1.3714
Today's Calendar:
1- Ben Bernanke speaks 9.30 pm
2- Leading Index 10.00 pm
3- US Philadelphia Fed Manufacturing Index 12.00 am
4- FOMC Meeting Minutes 2.00 am
Today's Strategy:
1- Asian high low breakout. (will discuss about this setup later).
2- Buy euro on dips, 1.3755, 1.3720 are good long entry level.
3- Sell euro on peaks, 1.3840, 1.3815 are good short entry level.
4- Waiting a bearish signal from the hourly cornflower setup.
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