Optimism floods markets this Wednesday, following Ben’s Bernanke second testimony in the Houses. Pretty much the same as yesterday, the FED’s Chairman continues to be elusive on further QE, yet stocks trade near weekly high in the US, while European ones closed in green. With dollar under strong pressure against all rivals including the yen that trades near weekly high against the greenback, the EUR/USD lags compared to other high yielders, steady around the 1.2250/60 price zone.
Technical readings are far from signaling an upward movement, yet the daily chart shows a bottom may be developing as the year low is in the middle of a rounded floor: extensions or even better a daily close above the 1.2340 area, should lead to a stronger advance of around 180 pips according to the figure, towards 1.2520 area. For the short term, 1.2280 comes first ahead of mentioned 1.2340 price zone.
Lose of 1.2161 will deny the figure, opening doors for further slides towards 1.1870 area, while in the short term, immediate supports will come at 1.2120/30 and 1.2080 price zone.
View Live Chart for EUR/USD
Technical readings are far from signaling an upward movement, yet the daily chart shows a bottom may be developing as the year low is in the middle of a rounded floor: extensions or even better a daily close above the 1.2340 area, should lead to a stronger advance of around 180 pips according to the figure, towards 1.2520 area. For the short term, 1.2280 comes first ahead of mentioned 1.2340 price zone.
Lose of 1.2161 will deny the figure, opening doors for further slides towards 1.1870 area, while in the short term, immediate supports will come at 1.2120/30 and 1.2080 price zone.
View Live Chart for EUR/USD
