Worldwide recovery of stock exchange and bad US data hit the Dollar yesterday as it fell across the board against many currencies with over 1%, we are currently @ 1.4410-20 support level and we have formed something like a flag formation - but not clear yet. Today is the Merkel-Sarkozy meeting to discuss the debt problems, if they reach agreement for future actions EUR will rise to 1.4520 today. If not - then a fall to 1.43 again. Market is calm at the moment i'm waiting and do not open positions in any direction. GOLD rejected testing of 1720 and is ready to destroy the H&S figure on H4. Watch for close above 1780 - then attack of all time high follows. EUR bull are a little bit exhausted, we have to wait a little bit more before doing anything.
This morning there was an information that BoJ has made an intervention, but still unconfirmed. Stay tuned fro more updates during the day. My recommendation is to stay away and wait for the EUR to determine direction.
Any comments and questions are welcomed