EURUSD Jan 19 to Jan 23 Outlook
Retest of Y-1 is expected and tagged early in the week. Euro could not hold Y-1 and started a slide lower. Then SNB uncap Swiss Franc on Thursday sent euro straight down to normal breakout target of Y-3 and below. Closed the week near Y-3 and below midpoint.
It will take time for Euro to settle down as many financial institutions and major companies around the world are badly affected by the SNB decision. Expect surge in volatility in coming weeks.
Strong resistance at B-0 with consolidation around B-1 likely.