Recap Reversal expectation played out. Euro rejected Y-1 and zoomed above Y+1 right after FOMC announcement. Strong reaction above Y+1. Closed the week above Y-0 and midpoint.
Outlook Although euro snapped out of its down trend, it still has to deal with trapped long from above 1.09. This means even though a short term bottom is in place, there is still likely shake out move pressing euro back down to below Y-0 or even retesting Y-1 before Euro can go higher.
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
Lawrence's Comment
Recap
Intervention effect mostly erased by Thursday. Yet, after 100% absolute range established, NQ found the excuse to go higher and closed the week above midpoint and previous ...
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
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 Mar 23 to Mar 27 Outlook
Lawrence’s Comment
Reversal expectation played out. Euro rejected Y-1 and zoomed above Y+1 right after FOMC announcement. Strong reaction above Y+1. Closed the week above Y-0 and midpoint.
Outlook
Although euro snapped out of its down trend, it still has to deal with trapped long from above 1.09. This means even though a short term bottom is in place, there is still likely shake out move pressing euro back down to below Y-0 or even retesting Y-1 before Euro can go higher.
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