Recap Bearish bias on euro pays off. Euro could not hold previous week close and fell back down to Y-0. Not much bounce was observed when euro continue to drop until equal distance from Y-0 was reached. Closed the week below Y-0 and midpoint.
Outlook Inside week and weak close points to a test of Y-1 is in order.
Spike bottom against Y-1 will force a run back up to B-0 again.
Y-1 / B-1 turning into resistance means a drop to 1.34 and below is likely.
Lawrence's Comment
Recap
Surprise upside breakout gave us Y+3 target. It was reached mid week and as more shorts are trapped, an all out squeeze sent NQ up to Y+5. Closed the ...
EURUSD Jun 16 to Jun 20 Outlook
Lawrence’s Comment
Bearish bias on euro pays off. Euro could not hold previous week close and fell back down to Y-0. Not much bounce was observed when euro continue to drop until equal distance from Y-0 was reached. Closed the week below Y-0 and midpoint.
Outlook
Inside week and weak close points to a test of Y-1 is in order.
Spike bottom against Y-1 will force a run back up to B-0 again.
Y-1 / B-1 turning into resistance means a drop to 1.34 and below is likely.
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