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Compromise Reached, Markets Need A New Worry

Compromise Reached, Markets Need A New Worry

As most of the investors expected, the compromise was reached just slightly before the deadline. The problem was not solved completel, just temporary delayed, but still gives traders some time to buy assets. Currently, the biggest worry will again be the QEIII termination, but with the recent shutdown, it should not happen soon, especially when Bernanke is leaving and would rather avoid decisions with such a strong impact on the market.

EUR/USD Hourly Chart” title=”EUR/USD Hourly Chart” width=”972″ height=”397″ src=”” />

The EUR/USD defended the 1.3470 support (green) and is on the best way to attack the mid-term bearish line connecting recent lower highs, or as some may say, the head and the right shoulders. If this is indeed an H&S formation it should result to a major downswing; but chances for that are rather small. Anyway, breaking the green line, which at the same time would be a neck line, would trigger an important sell signal on this pair. The next resistance is at 1.36, and breaking this one will trigger the mid-term buy signal. Currently, chances for that are significantly higher.

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