Forex Trading: EURUSD Moves Down On A Less Accomodative Bernanke
Bernanke came out and started by saying there was ample accomodation and the Fed was not prepared to add additional accomodation at this point. Yesterday the market interpreted his outline of what the Fed could do as a clue that they were likely to ease (ie.. QE3) sooner rather than later.
The EURUSD has move below the trendline on the hourly chart at the 1.4195 level now and this level will be eyed as the volatile trade continues with the comments. A move above this level could see the price squeeze toward the 1.4215 level. The low for the day comes in at 1.4153/56 (Far east and London Lows) and these are the next targets. Yesterday the price closed at the 1.3979 level.
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