EURUSD Holds 1.2820 Support after Spanish Budget, But for How Long?
Skepticism was temporarily sidelined this past session as the market offered an optimistic evaluation of the Spain 2013 budget. EURUSD responded by bouncing off of technically-important support at 1.2820, while risk trends enjoyed a hearty rally of its own. Yet, we have to evaluate this move against market conditions that curbed trend development and shown steady progress towards unwinding the post-Fed QE3 rally. Have we revived the larger trend with this jump or is it merely a correction? Will the quarter-end seasonality effect carry weight through Friday? What do underlying risk trends look like? We discuss this and more in today's video.
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