Recap First attempt in the week to hold Y-0 and push higher failed resulting in a drop to Y-1 and Y-2. A strong bottom was then formed with euro pushed back up. Closed the week above Y-0 and midpoint.
Outlook The bottom forming was a complex one but it is still a temporary bottom. As long as Y-1 / B-0 acting as support euro has a chance to challenge B+2 / 1.35 swing resistance.
I have been talking about this in my real-time chatroom for quite sometime and many people email me for the specifics. Here is an introduction of market breadth on forex ...
Lawrence's Comment
Recap
Break out upside happened but that gave us B+2 only as the news shock was immediately reversed several hours later by flip flop from the euro zone officials. ...
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
EURUSD Aug 11 to Aug 15 Outlook
Lawrence’s Comment
First attempt in the week to hold Y-0 and push higher failed resulting in a drop to Y-1 and Y-2. A strong bottom was then formed with euro pushed back up. Closed the week above Y-0 and midpoint.
Outlook
The bottom forming was a complex one but it is still a temporary bottom. As long as Y-1 / B-0 acting as support euro has a chance to challenge B+2 / 1.35 swing resistance.
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