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EURUSD Dec 03 to Dec 07 Outlook
Lawrence’s Comment
Pulled back to Y-0 and bounced right off. Retested Y+1 and consolidating around it. Closed the week near Y+1 and above midpoint.
Outlook
The pullback and then the retest were picture perfect standard moves. At the end of the week, however, it is getting difficult to read. Both Euro zone and US are in political fights again. News from both sides are pulling euro in two different directions. i.e. bad news from the PIIGS sending euro down while US fiscal cliff talks pushing it back up.
Pure chart pattern suggests another push against B+1 first. If that fails to hold above B+1, or that euro simply slides down below B-0, will look for a retest of B-2.
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