Recap Consolidation at 50% previous week range as expected. Closed the week below Y-1 and midpoint.
Outlook The end of week breakdown is normal for consolidation at Y-1. It is not a good predictor of direction. A quick reversal from a mild breach of B-1 back up to above B-0 will trigger a run to Y-0 / B+2.
As long as that has not happened yet, more down side to B-2 is likely.
Lawrence's Comment
Recap
As expected euro just cannot gather enough support to hold up. Dropped to Y-2 and jawboning from ECB only created a pop that lasted several hours. Closed the week ...
Recap of Last Week 1-2-3 buy on 4-hour right off the start and run towards the 50% upside weekly expansion before the pair stalled. Euro then held up nicely ...
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
USDCAD Apr 07 to Apr 11 Outlook
Lawrence’s Comment
Consolidation at 50% previous week range as expected. Closed the week below Y-1 and midpoint.
Outlook
The end of week breakdown is normal for consolidation at Y-1. It is not a good predictor of direction. A quick reversal from a mild breach of B-1 back up to above B-0 will trigger a run to Y-0 / B+2.
As long as that has not happened yet, more down side to B-2 is likely.
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