EUR/USD
Another day another sell off in EUR/USD. This time day main driver was JC Trichet and his press conference after the ECB meeting. It took him a while (a few months) but he finally realized that the rate hikes are wrong. As usually ECB is behind the curve and out of the real life but this is normal for all EU bureaucratic institutions. Anyway, I hope that ECB realized what exactly happens in EZ and they will cut the rates sooner than later. US names led the sell-off overnight and have against been the most noticeable sellers on this latest sell-off. The action started form EUR/JPY but huge stops were triggered below previous low 1.5280 and the 200-day MA (1.5225). Euro is weak but before the downward move continues a correction towards resistance @ 1.5360 and even 1.5450 is possible. Next visible level is 1.4970 but until the the round numbers 1.5100 and 1.5000 will provide support.
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