EURUSD rose as the dollar slipped on Bernanke’s comments.

US Unemployment Claims on tap.

EURUSD rose yesterday and closed at 1.2975. The dollar came under pressure after the Chairman of the United States Federal Reserve Ben Bernanke stated that FED would continue to pursue an accommodative monetary policy as inflation remained low. The last policy meeting of FED held on the 18th and 19th of June indicated that nearly half of the members were of the opinion that the central bank should wind down its massive stimulus measures by the end of this year, but many members still believed that further improvement of the economy is needed before the US central bank could begin altering its pace of bond purchases. Investors are now awaiting the Unemployment Claims release due from the United States later today. Support for the EURUSD is seen at 1.3020 and resistance is seen at 1.3177. The HotForex Traders Board shows that 53 percent of the traders are long on the EURUSD.

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GBPUSD

The Cable rose yesterday and closed at 1.5007. The pair followed the main market trends after the demand for the dollar decreased following comments from the Chairman of the United Stated Federal Reserve that the US central bank will keep following highly accommodative monetary policy until its needed. Support for the GBPUSD is seen at 1.4979 and resistance is seen at 1.5182. The HotForex Traders Board shows that 70 percent of the traders are long on the GBPUSD.

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US Unemployment Claims on tap.

 

EURUSD rose yesterday and closed at 1.2975. The dollar came under pressure after the Chairman of the United States Federal Reserve Ben Bernanke stated that FED would continue to pursue an accommodative monetary policy as inflation remained low....

Translation: blahblahblahblah ****.

Lots of suckers jumped on the downward trending currency pairs in the hope of making a profit and failed to notice the signs that the market was going to trap people at that level before Bernanke came on to speak. Meanwhile the banks who were giving out money for these suckers to play with were running out of equity to give them, and used the excuse of Bernanke flapping his gums to yank all that money back in one-fell swoop and margin out all these *****s' accounts at the same time, making a healthy profit for themselves and diverting everyone's attention with the mainstream media to sell the story that Bernanke's report had something to do with all of this.

Go back to bed America!