Euro Shakeout?

Given the timing of GS's "FREE" bearish advice and their former employee and former Greek Prime Miister's Papademos's "COMMENT" (which was common sense, but the algo headline scanning trading systems don't care) and subsequent denial, I wouldn't be surprised at all if this were a Goldman shakeout so they can buy on the cheap.

Whenever a Wall Street Institution spends tens of millions on research and then offers that to the general public for free, you pretty much know what it's worth, this is even more true for GS who is documented as trading against their own clients and given their last Free report in March when they were Bullish on the market...

What the market looked like the last time GS (the same analyst in fact) released a bullish call on the market. Throw in Papademos's denied comments and you have a nice heap of subterfuge.

 There were 2 VERY obvious levels of support in EUR/USD, the lateral trendline representing the base the Euro has been carving out since mid-last week and the downtrend line the Euro broke above.

 A longer look at  the down-trendline and a small support level that seems to have triggered a lot of orders.

 Since I don't have EUR/USD volume we can see on the Euro ETF at the exact time these two support areas (1 major, 1 minor) were broken at 10:20 a.m. volume surged as orders and stops were hit.

 Updated Euro 3C 1 min

 2 min leading positive

 Long term $USD gaps and local resistance broken yesterday to the upside on heavy volume, volume today thus far is much lighter.

 $USD (UUP) 3 min negative divergence on the break above local resistance and the long term gaps

UUP 5 min again the same local resistance on a parabolic move.

This looks like a good ole' fashion shakeout. No body said Wall Street was going to make any of this easy.