Yesterday it was a very eventful day. Two representatives of the Fed and Secretary of the Treasury spoke. However, the trading session was particular as major investors did not react to policymakers' speeches but vigorously distributed open positions (i.e. closed them) before the published today FOMC report.
At 12:00 GMT+4 Current Account in the eurozone in March is published. It is expected to be 14.2 billion euros vs. 16.3 billion euros in February.
At 18:00 GMT+4 data on US Existing Home Sales in April is revealed, it is expected to be 4.99 million annually vs. 4.92 million in March.
At 18:00 GMT+4 Fed's Chairman Ben S. Bernanke speaks, at the same time Treasury Secretary Jack Lew speaks. At 22:00 GMT+4 reports on last Fed's meeting on monetary policy are revealed.
Thus, in the evening we will know whether Bernanke 's speech is neutral and the markets grow little more amid macroeconomic events or he hints and the markets drop.
The major scenario for today is bearish. It is difficult for Bernanke not to hint QE3 trimming, especially if the protocols contain these ideas. Technically, if the price consolidates under 1.2905, the first target 1.2856, support of the trendline on the H4, opens. After the consolidation under the level we expect a decline to the support of the line in the area 1.2795. If the rate consolidates above the range 1.2941/54, the growth to 1.3000 is possible.
