QE3 Reaction: With the Fed launching QE3, the market is hammering the USD across the board. The euro is also continuing it’s recent rally against the US dollar. The 1.30 level will be a very psychological resistance as well as a previous pivot seen in the daily chart. The 1H chart shows the acceleration after a session of narrow consolidation. 1.30 Providing Resistance: As Bernanke answers questions on the the Fed’s latest addition of stimulus, the market is testing the 1.30 handle. It appears to be decelerating a bit here, but there are no signs of reversal. A break back below previous intra-session high at 1.2936 ... (full story)