Recap First weekly higher low in place. 1.30 acted as support. And they found an excuse to clear 1.32. Closed the week printing 4 week highest high and above Y+1.
Outlook Bullish bias paid off. I did not expect back to back range expansion in opposite direction as it is rare. So it was a nice surprise.
Very difficult read from here due to the rareness with the weekly price pattern. Classic breakout models lean towards continuation to the upside as the slingshot effect is usually very explosive.
In case we get a 1-2-3 sell or DT on 4 hours breaking below B-0 to close the week, a long term top would be in place.
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
Lawrence's Comment
Recap
Took no time to tag Y+2. Pullback right after bounced off Y+1. That points to more upside potential. Eventually breakout above Y+2 and completed 100% absolute range ...
Lawrence's Comment
Recap
Breakout to the upside and tagged target 1.40 and the next higher target of Y+3. Euro has now come back in full circle back to the price level ...
EURUSD Jan 14 to Jan 18 Outlook
Lawrence’s Comment
First weekly higher low in place. 1.30 acted as support. And they found an excuse to clear 1.32. Closed the week printing 4 week highest high and above Y+1.
Outlook
Bullish bias paid off. I did not expect back to back range expansion in opposite direction as it is rare. So it was a nice surprise.
Very difficult read from here due to the rareness with the weekly price pattern. Classic breakout models lean towards continuation to the upside as the slingshot effect is usually very explosive.
In case we get a 1-2-3 sell or DT on 4 hours breaking below B-0 to close the week, a long term top would be in place.
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