Tested resistance level (yellow zone) and then slide down to 50% of the week before. Congestion was expected due to huge directional swings over the past few weeks.
Next week outlook
50% of last week (yellow zone) should be challenged early in the week. If it turns into support, 50% of last month is the target (green zone). If yellow zone acts as resistance, the previous month close (below red zone) will be tested quickly.
Lawrence's Comment
Recap
Euro moved back down to target mentioned last week. Bounced from there but failed to clear 1.13 / Y-0. Closed the week near Y-1 and below midpoint.
Outlook
Y-1 ...
EURUSD Week of Dec 13th to Dec 17th Outlook
Recap of last week
Tested resistance level (yellow zone) and then slide down to 50% of the week before. Congestion was expected due to huge directional swings over the past few weeks.
Next week outlook
50% of last week (yellow zone) should be challenged early in the week. If it turns into support, 50% of last month is the target (green zone). If yellow zone acts as resistance, the previous month close (below red zone) will be tested quickly.
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