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The day started a little more interestingly with UK MPC minutes highlighting that 3 people, including good ol Merv, were keen to increase bond purchases and hence more QE in the UK, this promptly allowed the pound to decline further.
We also saw Spain on the wires down talking the recovery and additional challenges it faces.
Later in the afternoon we then had the FOMC minutes pointing to the fact that the Fed could end QE and its Asset Purchase program without ever having reached its unemployment target. This bolstered the Dollar and sent risk pairs tumbling.
To top it off we also had rumours of a Commodity Fund in trouble causing forced liquidation of its positions.
EUR/USD
Euro dropped rapidly to the potential support level today. Given the comments from the FOMC and Eurozone memebrs (particularly Spain) general sentiment is pretty Bearish the Euro right now.
For the time being I hold my Bullish stance and now see value if we get clear signals on the 4hr or daily chart to re-enter the market long.; however that said, we now sit in a very key support area, if the pair falls further from here then we could see a much broader reversal, in which case we could look for sell signals on a test of previous support turned resistance.
Personal Bias: Bullish / Neutral
Support: 1.3285 / 1.3160
Resistance: 1.3400
My Strategy: Stand aside, wait for clear signals.
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