Recap As explained last week, do not confuse volatility as strength. Y-0 breached quickly led to Y-1 test in play. Y-0 turned into resistance since. Y-1 could not even stop euro for several hours. Closed the week below Y-1 and near week low.
Outlook The long term important support at 1.10 is now officially breached. Until it acts as support again, the down trend will be in full force.
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
Lawrence's Comment
Recap
Consolidation play earlier part of the week with Y-1 support. Later in the week trouble in Yemen led to break down play which doubled the range for the week. ...
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 Jul 20 to Jul 24 Outlook
Lawrence’s Comment
As explained last week, do not confuse volatility as strength. Y-0 breached quickly led to Y-1 test in play. Y-0 turned into resistance since. Y-1 could not even stop euro for several hours. Closed the week below Y-1 and near week low.
Outlook
The long term important support at 1.10 is now officially breached. Until it acts as support again, the down trend will be in full force.
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