Side market on EurUsd gave problems to me too. A lot of false signal on threatening lower side of range. I was convinced in my short position, but ... Too many retracements.
As further evidence the news.
May 9, 2011
Still possible that the Greek government was threatening to stop using the euro (old news, just a rumor?).
Greek and European Union officials denied the report, but a threat by Greece to jettison the euro is long overdue, and it should be prepared to carry it out. As much as the move might cost Greece in the short term, it is very unlikely that such costs would be greater than the many years of recession, stagnation and high unemployment that the European authorities are offering.
There is also the idea that Greece — as well as Ireland, Spain and Portugal — can recover by means of an “internal devaluation.” This means increasing unemployment so much that wages fall enough to make the country more internationally competitive. The social costs of such a move, however, are extremely high and it rarely if ever works. Unemployment has doubled in Greece (to 14.7 percent), more than doubled in Spain (to 20.7 percent) and more than tripled in Ireland (to 14.7 percent). But recovery is still elusive.
You can be sure that the European authorities would offer Greece a better deal under a credible threat of leaving the euro zone. In fact, there are indications that they may have already moved in response to last week’s threat...
Fortunately, I have been closed in profit before the strong resistance @1.42700.
"Without discipline, there’s no life at all."