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.
Lawrence's Comment
Recap
Cable reversed its down trend from exactly the level I mentioned last week and zoomed to Y+1. Very strong reaction to Y+1 bringing cable back down to Y-1. Closed ...
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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