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Hi friends,

Quick market update after Bernanke’s speech.

Ben didn’t surprise actually as he still claims that there are all reasons to keep the QE, but, and that’s a big BUT, he looks nervous. For the first time, it feels that the pressure on him is too big. And for the first time he said that the Fed is ready to reduce the purchases. BUT, and here comes the ‘but again’, he also claimed that if needed they will increase the purchase. By that, on some way, he approves the behavior of the Japanese bank lately.

Back to forex trading.

EURGBP is acting like it wants to push higher. I think it could take us for another wave to 0.86-0.8650 range.

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With the current bullish convergence, and the bullish push from daily chart, with small risk, we can see nice rise.

A break below 0.8480 will be the only bearish signal.

That’s all for now friends,

Yours

Vladimir Ribakov

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.

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Vladimir Ribakov says:

May 23, 2013 at 6:09 am

Hi dear John

Well, I don't know to be that accurate, but for long run I think the bears will take control. It doesn't mean Dow still can't spike even higher :)

Well done on your great call on April my friend!