Update
I entered a short on the E/U at 1.2299 last night targeting the Channel bottom area of 1.2200-1.2219 area. I have just closed 70% of that position at 1.2219 after Bernankes speech and this stall point. He did reveal that more Bond purchases are on the table and that Operation Twist and QE were effective tools and his willingness to use them again.
This area has a very strong confluence technically and with fundamental USD weakeness in anticipation of more easing I apt to wait and see what price does before Making anymore moves
Remember we still need a close below 1.2200 to open up the 1.2000-1.2019 handle.
I entered a short on the E/U at 1.2299 last night targeting the Channel bottom area of 1.2200-1.2219 area. I have just closed 70% of that position at 1.2219 after Bernankes speech and this stall point. He did reveal that more Bond purchases are on the table and that Operation Twist and QE were effective tools and his willingness to use them again.
This area has a very strong confluence technically and with fundamental USD weakeness in anticipation of more easing I apt to wait and see what price does before Making anymore moves
Remember we still need a close below 1.2200 to open up the 1.2000-1.2019 handle.