Jean-Claude Trichet continues to boost the Euro in two different channels. The result is that we have a second resistance line broken with one day. Update on the vigilant Euro. EUR/USD had a very hard time around 1.4030. It encountered this line many times, and failed to breach it. But these days aren’t normal. Unequal intervention Following the collapse of USD/JPY to new historic levels, the G-7 nations decided to intervene to weaken the yen and help the Japanese economy at these troubled times. But the intervention wasn’t equal on both sides of the Atlantic. The European effort began earlier in the day, with at least three participants: the German central bank, the French central bank and the European central bank led by Jean-Claude Trichet. These institutions bought EUR/JPY, and triggered the breakout of EUR/USD above 1.4030. EUR/USD continued quickly above this line and reached 1.4140 – 1.4150 and couldn’t proceed past the 1.4160 line. Trichet II And then Trichet made a second move. Speaking at a conference, Trichet expressed again his famous “strong vigilance” about inflation, reassuring that the plans for a rate hike in April are unchanged, even in the light of the terrible Japanese earthquake that weakens global demand. So we got another breakout, with Euro/Dollar at 1.4173 at the moment. The next and very important level is 1.4282, last seen in November and the highest level in a year. The market continues to disregard the negative impact of the rate hike and the debt crisis that will soon see Portugal take a bailout. For more technical levels, see the EUR/USD Forecast. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Forex Crunches for the Weekend – March 19 Yohay Elam 12 years Jean-Claude Trichet continues to boost the Euro in two different channels. The result is that we have a second resistance line broken with one day. Update on the vigilant Euro. EUR/USD had a very hard time around 1.4030. It encountered this line many times, and failed to breach it. But these days aren't normal. Unequal intervention Following the collapse of USD/JPY to new historic levels, the G-7 nations decided to intervene to weaken the yen and help the Japanese economy at these troubled times. But the intervention wasn't equal on both sides of the Atlantic. The European effort began earlier… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
