Recap Bearish bias on euro pays off. Euro could not hold previous week close and fell back down to Y-0. Not much bounce was observed when euro continue to drop until equal distance from Y-0 was reached. Closed the week below Y-0 and midpoint.
Outlook Inside week and weak close points to a test of Y-1 is in order.
Spike bottom against Y-1 will force a run back up to B-0 again.
Y-1 / B-1 turning into resistance means a drop to 1.34 and below is likely.
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
ECB decision swinged euro both ways. Y-1 defended and immediately shot up to Y+2. Closed the week near Y+2 and above midpoint.
Outlook
Shorts are trapped which can in ...
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 Jun 16 to Jun 20 Outlook
Lawrence’s Comment
Bearish bias on euro pays off. Euro could not hold previous week close and fell back down to Y-0. Not much bounce was observed when euro continue to drop until equal distance from Y-0 was reached. Closed the week below Y-0 and midpoint.
Outlook
Inside week and weak close points to a test of Y-1 is in order.
Spike bottom against Y-1 will force a run back up to B-0 again.
Y-1 / B-1 turning into resistance means a drop to 1.34 and below is likely.
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