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EURUSD Mar 19 to Mar 23 Outlook
Lawrence’s Comment
1.30 downside target was tagged finally. And immediately BIS, ECB, etc. are seen active buying euro to stop the drop again. Closed the week near Y-0 and week high.
Outlook
Intervention from central banks cannot be ignored. They do have firepower to move markets the way they wanted to, even if the effect is not long lasting and in fact damage the integrity of a market on a long term basis.
If euro successfully break above 1.33 quickly, B-0 to B+2 will turn into a hugh support zone where many long term shorts would prefer to exit their positions instead of holding til stop out by a squeeze. That will terminate the long term downtrend established.
If euro fails to go above B+2 or making false breakout against 1.33 area from below, then euro will crash back down to B-1 quickly.
Big wait and see moment this coming week.
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