Recap Euro weekly bear flag progressed up to Y+2. News shock and discovery of stops sent Euro up to Y+3 and then Y+4. Closed the week above Y+3 and midpoint.
Outlook Weekly bear flag turned into monthly bear flag / pullback. It will likely be a roller coaster ride from here as lots of trapped longs need to unload above 1.12. A test of B-0 / Y+2 is expected this week.
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 04 to May 08 Outlook
Lawrence’s Comment
Euro weekly bear flag progressed up to Y+2. News shock and discovery of stops sent Euro up to Y+3 and then Y+4. Closed the week above Y+3 and midpoint.
Outlook
Weekly bear flag turned into monthly bear flag / pullback. It will likely be a roller coaster ride from here as lots of trapped longs need to unload above 1.12. A test of B-0 / Y+2 is expected this week.
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