Recap Y-0 resistance sent Euro lower. Y-1 not strong support as explained last time. Euro found support after 100% absolute range expansion to the down side. Strong bounce back up to Y-0 and rejected. Closed the week below Y-1 and midpoint.
Outlook A push down to test 1.06 is in the making. The question is whether Euro zone will do something about it. The emergency meeting called by the Fed and other central bankers this Sunday é Monday may produce a lot of surprises to the trading communities.
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Lawrence's Comment
Recap
The slight weekly bias towards the upside gave cable a boost to Y+3. Then fiscal cliff deal changed everything sending cable back down to Y-2. Closed the week ...
EURUSD Nov 23 to Nov 27 Outlook
Lawrence’s Comment
Y-0 resistance sent Euro lower. Y-1 not strong support as explained last time. Euro found support after 100% absolute range expansion to the down side. Strong bounce back up to Y-0 and rejected. Closed the week below Y-1 and midpoint.
Outlook
A push down to test 1.06 is in the making. The question is whether Euro zone will do something about it. The emergency meeting called by the Fed and other central bankers this Sunday é Monday may produce a lot of surprises to the trading communities.
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