EURUSD Oct 21 to Oct 25 Outlook

By News Robot

Lawrence’s Comment

Recap
Euro tagged Y-1 and then rejected it on a retest, giving us the Y+1 target as mentioned last week. Euro zoomed through Y+1 and Y+2 quickly. Closed the week above Y+2 and midpoint.

Outlook
Difficult call here. It was easy to tell from chart pattern that we would get both Y-1 and Y+1 last week. Now that euro zoomed to its higher timeframe resistance, we need more information before we can tell if it is the usual fake out like the past few years or that euro is really on track for a run to another new high.

On chart pattern bias, a consolidation below Y+3 is likely this week.

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