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EURUSD Dec 30 to Jan 03 Outlook
Lawrence’s Comment
Quiet start led to an explosive stop hunt late in the week. 200 pips swing to almost Y+2 / 1.39 before it stopped. Closed the week above Y-0 and below midpoint.
Outlook
Seasonally, euro has a bias to push 100 pips higher on average during the 2nd last week of December thus the rally was not an unexpected event. The last 100 pips of the run obviously was a significant stop run. Due to the low volume, it is difficult to tell if the spike top is there for real.
Next week is end of 2013 and likely even thinner volume. Not going to bet on a direction until after I see how 2013 ends.
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