Recap Reversal expectation played out. Euro rejected Y-1 and zoomed above Y+1 right after FOMC announcement. Strong reaction above Y+1. Closed the week above Y-0 and midpoint.
Outlook Although euro snapped out of its down trend, it still has to deal with trapped long from above 1.09. This means even though a short term bottom is in place, there is still likely shake out move pressing euro back down to below Y-0 or even retesting Y-1 before Euro can go higher.
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
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
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
Cable held Y-1 and cleared Y-0 for its Brexit low test. Since then Y-0 support sent cable higher until 100% absolute range expansion was reached. Closed the week above ...
Lawrence's Comment
Recap
Opened strong challenging Y+1 but failed to go higher. That opened the door to other extreme at Y-1. Dropped down to almost there at 100% absolute range expansion and ...
EURUSD Mar 23 to Mar 27 Outlook
Lawrence’s Comment
Reversal expectation played out. Euro rejected Y-1 and zoomed above Y+1 right after FOMC announcement. Strong reaction above Y+1. Closed the week above Y-0 and midpoint.
Outlook
Although euro snapped out of its down trend, it still has to deal with trapped long from above 1.09. This means even though a short term bottom is in place, there is still likely shake out move pressing euro back down to below Y-0 or even retesting Y-1 before Euro can go higher.
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