Euro update, June 1 2011.

Yesterday, i was expecting a pullback from the 1.4460 level approx (see last post). We got the pullback today 6 pips exactly from my target, and the Euro plunged over 150 pips. Where to from here is a little unclear at the moment, as the markets saw a very dramatic sell off today due to some negative news. (or at least thats what i keep hearing).

Personally i dont believe in the notion that 'news' moves markets, rather that this sell off was coming today no matter what the news brought. I had no idea yesterday when i posted the Euro chart how the days news would play out, yet still the forecast was accurate.