Pashabxl

EURUSD: Market overreact to Yellen Statement but mrkt is mrk

FX:EURUSD   Euro Fx/U.S. Dollar
The sellers win the match and the Market Over react to Yellen statement underlining that FED may increase the interest rate sooner then foreseen.
Remember that the first statement was made in early May saying that FED may increase the interest rate by October. Then in June FED says that MARCH 15 would be the earliest. Whereas now, Yellen at the hearing recall that they may be increasing the interest rate earlier, meaning October.
Of course market is the market and we should believe in the balance of buyers and sellers that make the price. However, having such a controversial statement in such a short time make prediction and forward studies rather difficult.
But I won't complain at all.
Yet, bellow 1.3535 and 1.3525 it is a clear sign of reversal. Having said that, RSI is really too low. Therefore, although I DO NOT BELIEVE ANYMORE in a JUP towards 1.375, we may still have a lift up as a correction because of the present situation, but still , this may not exceed 1.3585 or 1.362 which is a bit far from my studies. But market we never know
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