Forex Zone (Forex Zone)
Czech markets  |  May 23, 2012 09:52:27

Who do you see in your mouth?


Yesterday the media said former Greek Prime Minister Papandemos. In his first speech he said that States consider preparing for departure from the euro area of Greece. His words brought a rapid end to the sale of EUR U.S. session. Their gains after the report turned in as U.S. stock indexes and other risky currencies.

He later wentPapandemos on CNBC to clarify previous reports and said that Greece's been no preparation for her departure from the euro area and that he was not aware of any specific preparations for the European institutions, or other European countries.

And this man that made ??the country's prime minister?

From this information the noise benefited the U.S. dollar. USDollar index last Friday has tested its high, but was unable to close above it. Markets move on a thin edge. If the USDollar index breaks through and closes above the highs convincingly in January and this week, so expect panic selling off risky assets and growth USDollar index.

Whether that happens, you can not even tell now. Learn how to create the index's January high USDollar. On the fourth day after the first high day came with a large margin, which tested above the previous high, but did not close above it and then it came to decline, which lasted 1.5 months. From a purely technical point of view this development would make more likely to happen even now, because we have a potential double top formation, rapid monthly growth without a major correction, and very similar to a current peak, as it was in January.

But in the current environment, the performance of a former politician who says something, markets react strongly to it, and then appear again, and says virtually the opposite of what he said for the first time, technical analysis has little weight.
EU summit starts today, so you can expect a new statement that may surprise the markets and bring high volatility. Therefore we consider it best to stay out of the market.


USDollar Index - Daily Chart

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