Recap Strong breakout above 1.33 did not happen. Instead, a w. upthrust against Y+1 happened early in the week. That put Y-0 and Y-1 into play. Closed the week at Y-1.
Outlook As mentioned last week, if euro can break Y-0 decisively, Y-2 is the target. That should be the target for early next week as euro ran out of time this week.
From Y-2 a bounce to Y-1 is likely if the selloff is not a strong one.
Lawrence's Comment
Recap
Y-0 did not hold the price up yet the flush could not breach Y-1 either. The reversal from below Y-0 gave up before Y+1 was tagged and ...
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
EURUSD May 07 to May 11 Outlook
Lawrence’s Comment
Strong breakout above 1.33 did not happen. Instead, a w. upthrust against Y+1 happened early in the week. That put Y-0 and Y-1 into play. Closed the week at Y-1.
Outlook
As mentioned last week, if euro can break Y-0 decisively, Y-2 is the target. That should be the target for early next week as euro ran out of time this week.
From Y-2 a bounce to Y-1 is likely if the selloff is not a strong one.
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