The past week was definitely exciting for Forex traders. The EUR/USD moved from local bottoms to the tops from June 21. The chart shows the power of words: Ben Bernanke’s words. In a few sentences the FED chairman said that numerous economic factors need to be met to stop the QEIII program, hinting that the end of the program is not very close. After the first wave of optimism, the price began to fall with a bearish correction. Almost half of the bullish candle had already retraced. Bulls found a nice support at 1.3010. The closest resistance is 1.3175. Technically, last week changed our view to positive, and it will stay that way as long as the price stays above the bearish trendline (blue).
EUR/USD" title="EUR/USD" width="618" height="247">
Today's European session started neutrally, without any major moves even after the publication of important macroeconomic data from China (GDP and Retail Sales). Breaking either 1.3010 or 1.3175 should set the short-term trend.
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The Battle May Have Been Won By Bulls, But War Isn't Over Yet
Published 07/15/2013, 06:43 AM
Updated 01/31/2022, 02:45 AM
The Battle May Have Been Won By Bulls, But War Isn't Over Yet
Admirals
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