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EURUSD Jul 01 to Jul 05 Outlook
Lawrence’s Comment
Failed to trade above the resistance I mentioned last week. Messy price action around Y-1 since. Capped within 50% previous week range. Closed the week below midpoint and above Y-2.
Outlook
Consolidation week ended with a down side close confirm the weakness. Y-3 is now in play as long as Euro fails to close above Y-1 on daily close basis.
ECB meeting this week will definitely induce volatility to the pair. One interesting scenario is a spike top back up to B+1 and immediately dropped back down to below B-0. That will open the door to a quick flush down to Y-3 easily.
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