Yesterday, movements on the chart were mostly driven by Ben Bernanke and the FOMC.The EURUSD exploded at first, and managed to break the 1.2950 resistance, but buyers couldn’t hold above this level and fell sharply. The American dollar gained in value across the globe, which helped sellers to break the short-term support at 1.2845 that was an important S/R level over the previous days.
The price is currently attempting to correct yesterday’s downswing, but it is still setting lower highs and lows, indicating that the bearish trend is still dominating in the short-term as well as in the larger timeframes. 
EUR/USD" title="EUR/USD" width="620" height="347">
The price is getting dangerously close to the neck line (black line) of the big Head and Shoulders formation that can be seen on the daily chart. We remind traders to look carefully for the outcome of this movement as there is a great chance that breaking this level will cause a major downswing aiming for long-term lows.
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Bernanke Helps The American Dollar
Published 05/23/2013, 09:14 AM
Updated 01/31/2022, 02:45 AM
Bernanke Helps The American Dollar
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