Recap Y-0 acted as support helping euro to clear Y+1 in 1 go. Y+2 tagged and Y+1 turned into support for breakout play towards Y+3. Y+4 tagged and stopped the squeeze. Closed the week above Y+2 and midpoint.
Outlook Short squeeze is not a stable setup. A test of B-0 down to Y+1 likely.
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Lawrence's Comment
Recap
Breakdown play to Y-2 and then Y-3 normal target materialized. 1.40 round number turned into resistance. Closed the week below Y-3 and near week low.
Outlook
For short term ...
The failure of euro to hold above the previous year close is now proven to be very bearish. 1.30 is a critical price zone that euro must defend as there ...
EURUSD Aug 17 to Aug 21 Outlook
Lawrence’s Comment
Y-0 acted as support helping euro to clear Y+1 in 1 go. Y+2 tagged and Y+1 turned into support for breakout play towards Y+3. Y+4 tagged and stopped the squeeze. Closed the week above Y+2 and midpoint.
Outlook
Short squeeze is not a stable setup. A test of B-0 down to Y+1 likely.
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