Recap Euro blasted through 1.14 level and triggered a squeeze. 1.17 monthly resistance was tagged and rejected. Euro then fall straight back down to Y+1. Y+2 resistance gave us a clean drop to Y-0. Closed the week near Y-0 and week low.
Outlook FBO against both monthly and weekly resistance above is bearish. Y+1 / B-0 now very strong resistance until proven otherwise. Likely continuation of long term decline.
Lawrence's Comment
Recap
Another not so surprising attack against the bears last week. As mentioned last week, the gaps above were inviting Dow to revisit them quickly. The surprise was that it ...
Lawrence's Comment
Recap
Heavy selling as expected from the resistance zone mentioned last week. Got first target at Y-2 mid-week. As weekly support zone was breached ES can no longer hold up. ...
EURUSD Aug 31 to Sep 04 Outlook
Lawrence’s Comment
Euro blasted through 1.14 level and triggered a squeeze. 1.17 monthly resistance was tagged and rejected. Euro then fall straight back down to Y+1. Y+2 resistance gave us a clean drop to Y-0. Closed the week near Y-0 and week low.
Outlook
FBO against both monthly and weekly resistance above is bearish. Y+1 / B-0 now very strong resistance until proven otherwise. Likely continuation of long term decline.
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