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Good day forex trading koalas,

it is mid week and green we must be. Am currently swamped with my crazy work but nonetheless i will like to provide some opinions.

We noted yesterday that the 1.32 line might be an area of activity as the market tried to find it’s direction. While Bernanke suggested that the economy may be better now, the poor pending home sales brought doubt to many.

Looking at the EUR/USD chart above, the support line of 1.32 remains an important center of activity.

The market is probably spooked now as China conducts her own stress tests for banks. As China is fast growing to be a major market, investors are worried that the stress tests may end the party early. Therefore we may be seeing signs of risk aversion.

Tomorrow’s data includes the Euro Minimum Bid Rate. This is important as many will be looking towards the speech later.

Trade safely.

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