1-2-3 buy on 4-hour right off the start and run towards the 50% upside weekly expansion before the pair stalled. Euro then held up nicely at its week low and produced a even bigger 1-2-3 buy and tagged our resistance area (yellow zone) at the end of the week.
Next Week Outlook
Last week close is also the close of last year/quarter/month. It will be the most important price level for the coming month.
If previous week close acts as resistance, first stop for euro is 1.324 (red zone).
If previous week close acts as support, first stop is 1.36 (green zone).
Lawrence's Comment
Recap
Y-0 did not act as support at all on first test. This opened the door to Y-1 and the test of Y-1 led to a strong bounce. Closed the ...
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
Bounced off strong support Y-1 as expected in the beginning of the week. However the euro zone news shock took ES below Y-1 and opened up the ...
EURUSD Jan 3rd to Jan 7th Outlook
Recap of Last Week
1-2-3 buy on 4-hour right off the start and run towards the 50% upside weekly expansion before the pair stalled. Euro then held up nicely at its week low and produced a even bigger 1-2-3 buy and tagged our resistance area (yellow zone) at the end of the week.
Next Week Outlook
Last week close is also the close of last year/quarter/month. It will be the most important price level for the coming month.
If previous week close acts as resistance, first stop for euro is 1.324 (red zone).
If previous week close acts as support, first stop is 1.36 (green zone).
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