The Asian session opened with euro racing past and broke 1.3800 resistance, made another high at 1.3833 before falling back due to quick profit taking as currency markets position ahead of Ben Bernanke's semi-annual testimony before the US Congress tonight. Like I said in my earlier post, if anyone that could stop the dollar’s trainwreck, it is Mr Bernanke. Therefore, Bernanke's testimony will have to be very hawkish in order to halt the current downward momentum of the dollar.
We’ll wait and see, the earth should stand still..
Today's Pivot Points:
R3 = 1.3842
R2 = 1.3820
R1 = 1.3800
PP = 1.3778
S1 = 1.3758
S2 = 1.3736
S3 = 1.3716
Today's Calendar:
1- US CPI and Core CPI 8.30 pm
2- US Housing Starts 8.30 pm
3- Ben Bernanke speaks 10.00 pm
Today's Strategy:
- Waiting for Mr Bernanke.
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