Recap Euro tagged Y-1 and then rejected it on a retest, giving us the Y+1 target as mentioned last week. Euro zoomed through Y+1 and Y+2 quickly. Closed the week above Y+2 and midpoint.
Outlook Difficult call here. It was easy to tell from chart pattern that we would get both Y-1 and Y+1 last week. Now that euro zoomed to its higher timeframe resistance, we need more information before we can tell if it is the usual fake out like the past few years or that euro is really on track for a run to another new high.
On chart pattern bias, a consolidation below Y+3 is likely this week.
Lawrence's Comment
Recap
FBO against Y-1 / weekly consolidation support sent Euro straight back up to Y+1 and above. Closed the week above Y+1 and near week high.
Outlook
Y+1 / B-0 ...
Lawrence's Comment
Recap
Development in Libya and Japan shocks many markets including this one. Failed to hold above Y-0 and stalled to a tight range between Y-1 to Y-0.
Outlook
If B+1 is ...
EURUSD Oct 21 to Oct 25 Outlook
Lawrence’s Comment
Euro tagged Y-1 and then rejected it on a retest, giving us the Y+1 target as mentioned last week. Euro zoomed through Y+1 and Y+2 quickly. Closed the week above Y+2 and midpoint.
Outlook
Difficult call here. It was easy to tell from chart pattern that we would get both Y-1 and Y+1 last week. Now that euro zoomed to its higher timeframe resistance, we need more information before we can tell if it is the usual fake out like the past few years or that euro is really on track for a run to another new high.
On chart pattern bias, a consolidation below Y+3 is likely this week.
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