Trading Edges That Last
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EURUSD Feb 27 to Mar 02 Outlook
Lawrence’s Comment
More intervention from ECB and gang in the beginning of the week forced euro to go higher as shorts are squeezed hard. Closed the week at Y+2.
Outlook
As mentioned in STOPD, whenever shock happens, the immediate target in the breakout direction will be reached. In this case it is Y+2 and 100% absolute range expansion.
That happened last week and this area is a wait and see area.
A top forming here will send euro back down to B-0 / Y+1 quickly. How euro reacts at that zone will determine if euro has broken out of the downtrend for real or it is just another false breakout on weekly.
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