Recap Mentioned last week euro support is Y-0 and there we got the heated fights 3 times within the week. At the end the bears are toasted with Y+2 upside target tagged by end of the week. Closed the week near Y+2 and week high.
Outlook This is the potential swing top zone for euro. Last few times we got weekly spike highs like this coincided with major European government bonds offering. No difference this time. Once the dust settle and that euro close below Y+1 / B-0 on weekly close basis, we have a weekly spike top.
Lawrence's Comment
Recap
Gapped down to Y-1 to start the week. Y-0 acting as resistance as expected. The push above Y-0 failed to establish Y-0 as support and collapsed down to Y-1 ...
Lawrence's Comment
Recap
Previous week close support sent Aussie straight up to Y+2. Mild pullback and then reacted wildly to FOMC announcement. Closed the week near Y+2 and above midpoint.
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EURUSD Dec 09 to Dec 13 Outlook
Lawrence’s Comment
Mentioned last week euro support is Y-0 and there we got the heated fights 3 times within the week. At the end the bears are toasted with Y+2 upside target tagged by end of the week. Closed the week near Y+2 and week high.
Outlook
This is the potential swing top zone for euro. Last few times we got weekly spike highs like this coincided with major European government bonds offering. No difference this time. Once the dust settle and that euro close below Y+1 / B-0 on weekly close basis, we have a weekly spike top.
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